CBRE has originated a $12.3 million loan to facilitate an extensive capital improvement and remediation project at River View Towers in Hamilton Heights, Manhattan. Located at 626 Riverside Drive near Riverside Park, the 24-story Mitchell Lama property was completed in 1964 and comprises 385 affordable cooperative units.
The $12.3 million loan is the latest component of a multi-agency financial package. The $33.3 million total financing package also includes a $20.4 million subordinate loan from the New York State Housing Finance Agency (HFA) and a $577,000 grant from New York State Energy Research and Development Authority (NYSERDA).
After prepaying the existing debt, approximately $26.5 million will be used for capital improvements including façade inspection and remediation in compliance with New York City Local Law 11, window and roof improvements, mechanical upgrades and replacements, and a punch list of minor projects around the property.
“This was a complicated transaction with many moving parts,” said Mark Fisher, senior vice president for CBRE Capital Markets. “It all came together with the incredible cooperation and tireless efforts of HFA, the cooperative’s board, CBRE’s Freddie Mac closing and servicing teams, and their respective professionals.”
New York State’s Homes and Community Renewal division has executive oversight of the renovation project.
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