Prudential Mortgage Capital Company provides $85 million financing for Kips
NEWARK, N.J. -- December 18, 2012
Prudential Mortgage Capital Company provided an $85 million, 15-year fixed
rate loan to MD Carlisle and JD Carlisle for Kips Bay Plaza, a 171,325
square-foot grocery-anchored retail center in the Kips Bay section of
Manhattan. Prudential Mortgage Capital Company is the commercial mortgage
lending business of Prudential Financial, Inc. (NYSE:PRU). Chris Lama of NY
Urban Real Estate Services arranged the financing for the borrower.
The property was originally developed by the borrower in 1998. Jules Demchick
of JD Carlisle and Evan Stein of MD Carlisle, are industry veterans who have
invested in several deals together. Located on Second Avenue between 30^th and
32^nd streets, the property has become a grocery-anchored center with the
signing of its new tenant Fairway Supermarkets. Other tenants include an AMC
movie theater, Rite Aid pharmacy, Petco, Staples and TD Bank. The neighborhood
is primarily residential with the NYU Hospital Center and affiliated medical
school parallel to the Property on First Avenue.
“With retail at such a premium in New York City, we expect this property to
perform well. The addition of Fairway Supermarkets as an anchor tenant should
bring substantially more foot traffic in this centrally located neighborhood,
making this an all-around extremely attractive transaction,” said Justin
Levitt, a director with Prudential Mortgage Capital Company’s New York office,
who led the transaction. “We look forward to providing excellent service to
our borrower during the loan term.”
“We are thrilled to have successfully closed this transaction with Prudential
and locked in long term debt at very favorable terms. Prudential did an
excellent job in working with us and closed the loan in a timely manner. Their
knowledge of the market and efforts to understand our needs made this a truly
successful transaction. The financing was a culmination of a three year effort
on our part to reposition this property into one of the best retail
destinations in NYC” added Evan Stein of MD Carlisle.
Prudential Mortgage Capital Company is a national full-service, commercial and
multifamily mortgage finance business with $72.67 billion in assets under
management and administration as of September 30, 2012. Leveraging a 135-year
history of real estate finance, the company offers one of the most
comprehensive lines of real estate finance products and originates loans for
Fannie Mae DUS®, Freddie Mac Program Plus® and specialized affordable housing
programs; FHA; Conduit; Prudential’s general account and proprietary balance
sheet program; and other institutional investors. The company maintains a loan
servicing portfolio of approximately $69.42 billion, as September 30, 2012.
For more information, please visit http://www.prumortgagecapital.com.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with
approximately $1.005 trillion of assets under management as of September 30,
2012, has operations in the United States, Asia, Europe, and Latin America.
Prudential’s diverse and talented employees are committed to helping
individual and institutional customers grow and protect their wealth through a
variety of products and services, including life insurance, annuities,
retirement-related services, mutual funds and investment management. In the
U.S., Prudential’s iconic Rock symbol has stood for strength, stability,
expertise and innovation for more than a century. For more information, please
Prudential Financial, Inc.
John Chartier, 973-802-9829
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