HFF, Inc. : HFF arranges $150 million financing for high-rise multi-housing
property in Manhattan
DALLAS, TX, May 6, 2013 - HFF announced today that it has arranged $150
million in financing for the Madison Belvedere, a 50-story, 404-unit, Class A
multi-housing property near Manhattan's Madison Square Park.
HFF worked exclusively on behalf of a pension fund advised by Invesco to
secure the loan through Cornerstone Real Estate Advisers.
The Madison Belvedere is located at 10 East 29th Street between Fifth and
Madison Avenues three blocks north of Madison Square Park. Built in 1999, the
property consists of studio, one- and two-bedroom units, which are 93 percent
leased. Community amenities include a state-of-the-art fitness center,
concierge, landscaped plaza, private storage units and a furnished roof deck
that provides 360-degree views of Manhattan.
The HFF team representing the borrower was led by managing directors John Rose
and Steven Klein.
Established in 1983, Invesco Real Estate manages $50 billion of real estate
investments in both direct property and real estate securities. With 334
employees worldwide, the group focuses on top-down market and property type
fundamentals combined with bottom-up local market intelligence. The firm
manages approximately $30.1 billion in direct real estate portfolios and $19.7
billion in real estate securities portfolios. Invesco Real Estate is an
investment center of Invesco Institutional (N.A.), Inc., a subsidiary of
Invesco Ltd. (IVZ) which is a publicly traded money management firm.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned
by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a
leading provider of commercial real estate and capital markets services to the
U.S. commercial real estate industry. HFF together with its affiliate HFFS
offer clients a fully integrated national capital markets platform including
debt placement, investment sales, equity placement, advisory services, loan
sales, and commercial loan servicing. www.hfflp.com.
HFF Managing Director
HFF Managing Director
HFF Associate Director, Marketing
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Source: HFF, Inc. via Thomson Reuters ONE
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