Real Estate
NYC Apartment Tower Owned by Durst Lands New Equity, Debt
- Affinius Capital joins as an equity partner in the building
- Durst Organization also secured $450 million in debt financing
The Sven Long Island City apartment building.
Photographer: Ismail Ferdous/BloombergThis article is for subscribers only.
New York developer Durst Organization secured new equity and debt for a Long Island City apartment building, Sven.
Durst brought in a new equity partner, Affinius Capital, in a deal that values the building at more than $700 million, according to a person familiar with the matter. Affinius will take a less than 50% equity stake, at more than $100 million, said the person, who asked not to be named citing private matters. The equity recapitalization is expected to close later this month.