Glenwood Management returned to the NYS Housing Finance Agency to refinance a large rental building in Manhattan’s Lincoln Square.
The developer secured a $231 million loan from the state public benefit corporation for the 339-unit rental at 160 West 62nd Street, PincusCo reported. The loan price per built square foot is $500, and the deal closed about a week ago.
Glenwood previously nabbed a $260 million loan from the NYS Housing Finance Agency in 2014, around when leasing began at the 54-story tower known as Hawthorn Park. That mortgage helped to finance a portion of the purchase cost, construction and improvements.
The developer acquired the site in 2011 from Fordham University for $125 million. The purchase came after Douglaston Development abandoned efforts to construct a 57-story tower at the site, waylaid by the market downturn during the Great Recession.
Glenwood could not immediately be reached by The Real Deal for comment.
The building includes retail space. Resident amenities include a lap pool and stone whirlpool spa, seasonal access to an outdoor deck, a fitness center with locker rooms, saunas and dressing areas, a lounge with kitchen facilities, a landscaped outdoor terrace and a children’s playroom. The property is also only steps from Lincoln Center.
The property faced controversy when Glenwood not only banned dogs weighing 15 pounds or more from the building but also required dogs to be carried by their owners into the elevator to avoid doggy paws scuffing up the lobby floors.
Elsewhere in Lincoln Square, the Gotham Organization and the Carlyle Group landed a $216 million bridge loan a year ago associated with their acquisition of the building at 200 West 67th Street. The loan, provided by MF1 Capital, was brought to market shortly after Gotham and Carlyle purchased The Aire from A&R Kalimian Realty for $265 million.— Holden Walter-Warner
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