FILE: Natixis’ Paris office, May 5, 2013. Photo: Natixis, 47 Quai d’Austerlitz, Paris 5 May 2013 by Guilhem Vellut, CC BY 2.0. Cropped and resized.
Natixis Corporate & Investment Banking led a $233.3 million floating-rate financing to refinance The Ritz Plaza, a 479-apartment rental building in Manhattan’s Midtown West neighborhood, the bank announced November 12.
The loan went to a joint venture between Stonehenge Investment and a global investment firm that Natixis did not name. The property is at 235 West 48th Street, near Times Square.
A refinancing replaces or changes the financing on an existing property. This announcement concerns debt on The Ritz Plaza, not a newly announced sale of the building. Natixis did not disclose the loan’s interest rate, maturity date or the amount of debt it replaces.
The bank described The Ritz Plaza as a 45-story building with apartments and ground-floor commercial space, including La Masseria restaurant. Built in 1990, the property has undergone substantial renovations since 2019, according to the announcement.
Amenities include a fitness center, residents’ lounge and rooftop sundeck. Parking at the building is operated by a third party.
The deal comes as Stonehenge continues to invest in the property. Ofer Yardeni, Stonehenge Investment’s chairman and chief executive, said Stonehenge’s investment reflected its confidence in New York City residential real estate and its focus on investment and active property management.
Lawrence Britvan and Michael Straw of CBRE’s New York City office arranged the financing.
Natixis, part of France’s Groupe BPCE, provides financing and other banking services to companies, financial institutions and investors. The announcement did not provide a new valuation for The Ritz Plaza or specify any change to the building’s rents.
Source: Natixis Corporate & Investment Banking.
© JBizNews.com. All rights reserved. Unauthorized reproduction or redistribution is strictly prohibited.
