AvalonBay signs $121.5M refi for two buildings in Hell’s Kitchen

AvalonBay Communities through the entity Clinton Green South, LLC as borrower signed a refi loan with lender Freddie Mac valued at $121.5 million for two buildings including the 230-unit property at 510 West 52nd Street in Hell’s Kitchen, Manhattan.
The deal closed on September 10, 2021 and was recorded on March 3, 2022. The prior lender was U.S. Bank which held debt that had an original loan amount of $121.5 million.
The two properties have 247,294 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $491 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for AvalonBay Communities was Joanne M. Lockridge. The signatory for Freddie Mac was Gina Thompson.

On the tax block, the majority, or 70 percent of the 461,076 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 22 percent of the space.
Within a 400-foot radius of 510 West 52nd Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, two were loans above $5 million totaling $32.4 million. The most recent of the two was LeNoble Lumber which borrowed $20 million from Continental Casualty Company secured by two condo units in the 0-square-foot, 395-unit mixed-use building (RM) on 525 West 52nd Street and one other property on October 15, 2020.

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