NEW YORK, NY – Holliday Fenoglio Fowler, L.P. (HFF) announces $86 million in financing for The Lewis, a newly completed, 186-unit, luxury apartment building in Manhattan’s Hudson Yards neighborhood.The HFF team worked on behalf of the sponsor, West 35th SBXLVI, a joint venture entity between Joy Construction, Maddd Equities and the family of the late Lewis Katz, to place the floating-rate acquisition loan with KKR Real Estate Finance Trust Inc. (“KREF”). Loan proceeds were used to refinance the construction loan.
The Lewis is located at 411 W. 35th Street at the convergence of three of Manhattan’s most vibrant neighborhoods – Hudson Yards, Chelsea and Hell’s Kitchen. Completed this year, the property comprises a variety of studio, one- and two-bedroom floor plans averaging 667 square feet. Each residence features stylish finishes and modern amenities, such as custom Italian cabinetry, black Caesarstone countertops, glass-enclosed showers, soaking tubs, wide plank oak hardwood flooring, high ceilings, in-unit washers and dryers, ample closet space, soundproof double pane windows with solar shades and private terraces in select units. The Lewis also features concierge service, a grand lobby, state-of-the-art fitness center, resident lounge, ground-floor landscaped terrace and a rooftop terrace complete with sunbeds, seating and dining area with grills. The project was named in memory and in honor of Lewis Katz, a well-known and much-loved businessman and philanthropist.
The HFF team included senior managing director Andrew Scandalios, managing director Steven Klein, senior director Geoff Goldstein and director Rory Shepard.“We are really pleased to have executed this financing facility with KREF,” said Eli Weiss, principal of West 35th SBXLVI LLC. “The Lewis is a first-class boutique building in the most exciting new neighborhood in New York – Hudson Yards. The product speaks to our longstanding commitment and track record of developing high-quality, sensibly priced multifamily assets, and we hope it serves as a tribute to the late Lewis Katz, our friend and partner. We were very fortunate to have Lewis’ son, Drew Katz, as a part of our development partnership that worked tirelessly to develop a product worthy of its namesake.”
About Joy Construction: Joy Construction is a full-service general contracting and development firm primarily focused on multifamily and commercial projects throughout New York City. Joy was formed in 1995 and has built and/or developed over 70 buildings in New York, including approximately 6,500 multifamily units. For more information, visit joyconstructionnyc.com.
About Maddd Equities: Maddd Equities is an active developer, owner and operator of commercial real estate in NYC and is led by Jorge Madruga. Maddd Equities asset manages nearly 2,000 multifamily units in NYC and has participated in the acquisition and development of over 25 mixed use projects, over 700 homes in NYC and over 450,000 square feet of retail property. The two firms have joint ventured on over 20 transactions for nearly the last decade. For more information, visit madddequities.com.
About KKR Real Estate Finance Trust Inc. KKR Real Estate Finance Trust Inc. (NYSE:KREF) is a real estate finance company that focuses primarily on originating and acquiring senior loans secured by commercial real estate assets. KREF is externally managed and advised by an affiliate of KKR & Co. L.P. For additional information about KREF, please visit its website at kkrreit.com.
About HFF: HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.