New York Community Bank has provided a $110 million acquisition loan to Harbor Group International and Azure Partners on the 504-unit Eaves Nanuet multifamily property in the Hudson Valley area north of New York City.
The regional bank provided the five-year, fixed-rate loan with a 3.13 percent interest rate and two years of interest-only payments and a five-year extension option, according to Meridian Capital, which helped arrange the financing.
County records show that the joint venture purchased Eaves Nanuet from an affiliate of AvalonBay Communities for $147 million, bringing the financing’s loan-to-value to 75 percent.
The 64-building property is located at 100 Avalon Gardens Drive in the town of Nanuet, just west of the Hudson River, and was constructed in 1998.
Arthur Rosenberg, CEO of Azure Partners, said in a statement that his real estate private equity firm and the private real estate investment manager Harbor Group have now jointly purchased a total of $275 million in assets over the last year and will continue partnering on future deals.
New York Community Bank specializes in multifamily financing across New York State and New York City. Earlier this month the bank provided $52 million in loans to refinance an apartment building in Manhattan’s Upper West Side and a $56 million financing for a development project in the Long Island City neighborhood of Queens, New York this May.