CenterSquare’s private real estate debt team recently provided preferred equity subordinate to a preexisting Freddie Mac senior loan for a 21-story, 179-unit multifamily rental property in the Upper East Side neighborhood of Manhattan. The property is in proximity to multiple subway lines, providing convenient access throughout Manhattan, plus nearby grocery stores, retail, restaurants, bars and parks.
The property was 96 percent leased at closing and consists of a majority of market-rate units with some rent-stabilized units, ranging in size from studios, one-bed/one-bath to two-bed/two-bath. In-unit amenities include large floor plans, wood-plank-style flooring, central air conditioning, large windows providing scenic views and large closets. In addition, the property is amenitized with a 24-hour doorman, a 24-hour attended garage, a fitness room with a sauna and a laundry room.
The sponsor is a joint venture between an experienced, vertically integrated real estat
