The Real Deal New York

L&M Development fund takes Savoy Park off Vantage, Area’s hands

June 20, 2012 06:00PM

Vantage Properties and Area Property Partners have unloaded the Savoy Park apartment complex in Harlem for more than $210 million, Bloomberg News reported, satisfying the outstanding balance on the senior mortgage.

The buyer is the New York Affordable Housing Preservation fund, a real estate fund created by Citigroup and L&M Development Partners. The 1,800-unit complex is made up of seven rent-regulated building between 139th and 142nd streets.

Vantage and Area Property bought the complex in for $175 million in 2006 and piled $367.5 million of debt on the property, including the $210 million loan that’s due in 2014. Trepp said the building’s value had plummeted all the way down to $75.5 million in May.

The buyers said the project will remain affordable. [Bloomberg]