Natixis provides $160 million financing for a Class-A student housing multifamily property
Natixis Real Estate Capital LLC provided $160 million fixed-rate financing to the Chetrit Group for the refinance of a Class-A student housing multifamily property located at 1760 Third Avenue on New York City’s Upper East Side.
The 19-story property has 1,085 beds in 498 units. The Property is 100% leased to EHS, LIM College, CUNY Baruch College and CUNY Hunter College. As part of the transaction Natixis sold a $20 million mezzanine loan to an institutional investor. The $140 million senior mortgage is expected to be securitized in conduit CMBS transactions in the following months.
The Chetrit Group is headquartered in New York City and has an ownership stake in over 20 million square feet of real estate in New York, Chicago, Miami, Los Angeles and internationally with a combined value of over $4 billion. Notable properties include Chicago’s Willis Tower (formerly known as the Sears Tower). Chetrit Group’s previous transactions with Natixis include Columbus Square, Hotel Chelsea, Cabrini Medical Center and St. Vincent’s Multifamily.
Natixis Real Estate Capital LLC is a full-service, direct lender offering a wide range of financial solutions for commercial real estate for its clients throughout the United States. It specializes in CMBS originations and also provides floating-rate structures for opportunistic property acquisition and repositioning situations. It has the ability to underwrite the full capital stack, including first mortgage, mezzanine/b-note, and preferred equity.
Natixis Real Estate Capital LLC is a subsidiary of Natixis, the corporate, investment and financial services arm of Groupe BPCE, the 2nd-largest banking group in France with 21% of total bank deposits and 36 million clients spread over two networks, Banque Populaire and Caisse d’Epargne.