Madison International Realty, Urban American borrow $142M from MetLife for portion of joint multifamily portfolio

Madison International Realty and Urban American Management through the entity 170 North 5th Street Owner LLC (and others) as borrowers signed a loan agreement with lender MetLife through the entity Metlife Real Estate Lending LLC valued at $142 million for 7 parcels, including the tax class multifamily, over six families without stores (C1) and containing 452 residential units at 25-21 31st Avenue, 170 North 5th Street, 31-49 29th Street, 29-07 31st Avenue, 1625 Rockaway Parkway, and others in Astoria. The deal closed on December 20, 2019 and was recorded on January 30, 2020.

The average loan per unit is $314,159.
Madison International acquired a controlling interest in the seven New York City tax lots for a purchase price of $106.3 million.
The $142 million loan from MetLife covers those seven tax lots as well as a large portfolio in Westchester County. The debt package includes a gap loan for $32.8 million. There are four other tax lots in New York City that Madison International acquired in December for a purchase price of $56.4 million. Those buildings have debt totaling $39 million and are not part of the MetLife financing. In New York City, Madison International bought a total of 11 properties for a total consideration of $162.7 million, according to documents recorded in Acris.
This is a portion of the 1,400-unit portfolio that in December Madison acquired a stake in from Urban American, which valued the portfolio at $275 million. A spokesperson for Madison has declined to provide specifics of financing or precise properties acquired.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link