{"id":1004196981,"date":"2017-11-09T05:30:44","date_gmt":"2017-11-09T13:30:44","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004196981"},"modified":"2022-12-08T19:09:35","modified_gmt":"2022-12-09T03:09:35","slug":"apollo-commercial-provides-250m-for-manhattan-office-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/apollo-commercial-provides-250m-for-manhattan-office-project\/","title":{"rendered":"Apollo Commercial Provides $250M for Manhattan Office Project"},"content":{"rendered":"

By Barbra Murray<\/em><\/p>\n

\"Hudson<\/a>

Rendering of Hudson Commons at 441 Ninth Ave. in Manhattan<\/p><\/div>\n

Apollo Commercial Real Estate Finance Inc. has just given a quarter-billion-dollar helping hand to a redevelopment and repositioning office project in Manhattan<\/a>. The company came through with $250 million of first mortgage and mezzanine financing for Cove Property Group and its institutional partner, which plan to transform an existing office tower in the Hudson Yards\/Penn Station submarket into Hudson Commons, a premier 700,000-square-foot office destination.<\/p>\n

\u201cThis transaction is one of ARI\u2019s largest loans to date and demonstrates the breadth of the broader Apollo commercial real estate debt platform,\u201d<\/em> Scott Weiner, chief investment officer of ACREFI Management LLC, manager of Apollo, said in a prepared statement.<\/p>\n

The financing, $122.7 million of which Cove and partner pocketed at closing, constitutes one component of a $479 million construction financing package furnished by other investment funds managed by Apollo Global Management affiliates and subsidiaries. \u201cWe believe ARI\u2019s ability to co-originate this loan with the other Apollo managed funds enabled us to win the mandate on this transaction, while offering the borrower a seamless execution in dealing with one lending source,\u201d<\/em> Weiner added. Cove will erect a 17-story structure atop the existing eight-story building, located at 441 9th Ave.<\/p>\n

Apollo\u2019s fingerprints are all over Hudson Commons. The finance REIT supplied the developer with $105 million of a $220 million predevelopment loan for the Kohn Pedersen Fox-designed office project in 2016. Cove, which relied on commercial real estate and capital markets services provider HFF to help secure the funding from Apollo this time around, will utilize a portion of the new financing to repay that predevelopment loan.<\/p>\n

A banner year<\/strong><\/h2>\n

In 2016, Apollo completed more than $1.4 billion worth of commercial real estate transactions<\/a>, which marks a record year for the REIT. And 2017 may prove to be Apollo\u2019s greatest year of investments yet. At the close of the third quarter, the company\u2019s year-to-date capital commitments and deployment totaled approximately $1.1 billion.<\/p>\n

It\u2019s just as Apollo anticipated. \u201cAs we look ahead, we believe the current economic climate remains very favorable for our business model,\u201d<\/em> Stuart Rothstein, CEO of Apollo Commercial Real Estate Finance, said during the REIT\u2019s first quarter 2017 earnings conference call on May 3. \u201cThere is still a healthy level of acquisition refinancing and recapitalization activity which continues to create a strong pipeline of opportunities for ARI.\u201d<\/em><\/p>\n

\u00a0Image courtesy of HFF<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The finance REIT\u2019s loan is part of the $479 million construction financing package backing Cove Property Group\u2019s Hudson Commons, a 700,000-square-foot office redevelopment and repositioning endeavor in the Hudson Yards\/Penn Station submarket. <\/p>\n","protected":false},"author":969,"featured_media":1004196985,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21783,1600,21742,10,21747],"tags":[34120,33174,32792,33717],"class_list":["post-1004196981","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-apollo-commercial-real-estate-finance-inc","tag-cove-property-group-llc","tag-hff","tag-kohn-pedersen-fox"],"acf":[],"yoast_head":"\nApollo Commercial Provides $250M for Manhattan Office Project - 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