HFF Closes Construction Loan For Multifamily

HFF Closes Construction Loan For Multifamily NEW YORK, NY - The New York office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it arranged the previously announced $613.6 million construction loan for the development of two ultra-luxury multifamily properties in Manhattan's Upper West Side. Working exclusively on behalf of The Carlyle Group, RREEF Alternative Investments and Extell Development, HFF senior managing director Jay Marshall placed the three-year construction loan with a consortium of nine banks led by Deutsche Bank. The senior portion of the loan represents 60% loan-to-cost with an additional mezzanine portion achieving approximately 72% loan-to-cost.

The development site is located along Riverside Drive between 62nd and 63rd Streets in the Upper West Side neighborhood of Manhattan. It is part of the 52-acre Riverside South Development, which will have a mix of for-sale condominium units, rental apartments, parking, retail and commercial uses as well as a 27-acre waterfront park. Due for completion in the first half of 2010, the 880,000-square-foot development will include The Alden, a 38-story, 287-unit luxury tower with 4,323 square feet of retail and a 121-space underground parking garage, as well as an adjacent 209-unit residential tower. The top 29 floors of The Alden will be designed as large family-style, for-sale condominium units with an average size of 1,707 square feet each. The remaining units will be luxury rental apartments averaging 1,095 square feet each. Amenities include a full-service spa, climbing wall, swimming pool, basketball court, squash court and hotel-style concierge services.

The Carlyle Group is a global private equity firm with $82.7 billion under management. Carlyle invests in buyouts, venture and growth capital, real estate and leveraged financing in Asia, Europe and North America. The Carlyle Group employs 950 people in 21 countries. In the aggregate, Carlyle portfolio companies have more than $109 billion in revenue and employ more than 41,000 people around the world - www.carlyle.com. Carlyle's investment in the Riverside South development comes from Carlyle Realty Partners IV, a $950 million opportunistic real estate investment fund launched in 2004. Carlyle Realty has five offices located in Washington, D.C.; Newport Beach, California; New York City; Denver; and Los Angeles.

Extell Development Company is a nationally acclaimed real estate developer and asset manager of residential, office and retail properties. Extell has restored and updated a number of classics in some of Manhattan's most celebrated landmark neighborhoods, including the master renovation of The Stanhope at 995 Fifth Avenue; Altair 20, located in the historic Ladies Mile downtown district; 31 West 11th Street in the heart of Greenwich Village; and The Belnord, a landmark residential building on the Upper West Side. Extell's impressive New York portfolio includes The Rushmore and Avery, the first of the residential buildings developed at Riverside South; The Lucida, a new vision for modern green living on the Upper East Side; Ariel East and West, two exquisite glass towers in the West 90s; and the Orion, one of Manhattan's tallest residential buildings.

RREEF Alternative Investments is the global alternative investment management business of Deutsche Bank's Asset Management division. RREEF Alternative Investments consists of three businesses: Real Estate, Infrastructure and Private Equity. Headquartered in New York, RREEF Alternative Investments employs more than 1,400 investment professionals in 17 cities around the world to help investors meet a wide range of objectives - from diversification, to preservation of capital, to long-term performance. Named one of the world's largest alternative investments manager in Global Investor/Watson Wyatt's Alternative Survey, June 2008, RREEF has EUR 55.6/$88.1 billion in assets under management worldwide as of March
Source: Business Wire

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