Arden Living has successfully obtained a $161 million loan from Starwood Property Trust to refinance the construction debt for Forty-Six Fifty, a prominent 22-story luxury rental building located in the Inwood neighborhood of Northern Manhattan. This significant financial move underscores the strength and sustained performance of the property.
Key Takeaways
- Arden Living secured $161 million in financing from Starwood Property Trust.
- The refinancing covers the construction debt for the Forty-Six Fifty luxury rental building.
- The building is situated in the Inwood neighborhood of Northern Manhattan.
Property Details and Location
Forty-Six Fifty, located at 4650 Broadway, features 222 residential units, offering a range of studio to two-bedroom apartments. The building is strategically positioned in an Opportunity Zone and boasts views of the Hudson River. Its prime location provides residents with easy access to local amenities, including the expansive Fort Tryon Park and the historic The Cloisters, which are situated directly across the street.
Strategic Financial Move
Craig A. Spencer, chairman and CEO of Arden Group, highlighted the significance of this refinancing. He stated that Forty-Six Fifty is a "high-caliber asset delivering Manhattan-quality living that has become a rapidly evolving submarket." Spencer further emphasized that the refinancing validates the project’s strong fundamentals, consistent leasing success, and its long-term value to Arden’s portfolio. The partnership with Starwood Property Trust is expected to ensure the continued success and stability of the property.