The Real Deal New York

Clarion, Taconic seal $110M refi for large Bronx rental complex

Firms acquired 118-building development for $133M in 2007
April 25, 2016 03:27PM

Eastchester Heights

Aerial view of the Eastchester Heights complex in the Bronx (credit: Loci Architecture) (inset: Clarion’s Stephen Furnary)

Taconic Investment Partners and Clarion Partners secured $110 million from Capital One to refinance their large Eastchester Heights rental complex in the East Bronx.

The loan, brokered by HFF, replaces a previous $86.5 million mortgage provided by New York Community Bank for Taconic and Clarion’s $133 million acquisition of the complex from New Jersey-based Urban American in March 2007.

The new financing carries a 30-month term and an option to extend for another 30 months in six-month intervals, according to the Commercial Observer. HFF brokered the deal.

The Eastchester Heights complex, located in the Williamsbridge neighborhood of the Bronx, consists of 118 buildings spanning five blocks bound by Eastchester and Wilson avenues, Boston Road and Hicks Street.

The buildings, constructed in 1935, range from four to six stories each and hold studios and one-to-three-bedroom apartments.

Taconic is seeking a partner for a proposed recapitalization of a 10-story Hell’s Kitchen office building, as The Real Deal reported Monday. Clarion recently sold a majority stake in its business to asset management firm Legg Mason for $585 million. [CO]Rey Mashayekhi