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AREA TAKES OVER APTHORP

LOIS WEISS

Monday, August 20, 2012 - The condominium sponsorship at the Apthop has changed now that AREA Property Partners’s debt fund, AREA Real Estate Finance Corporation completed a recapitalization of the landmarked residential building on the Upper West Side. The transaction involved retiring the existing first mortgage loan that was replaced by a smaller first mortgage and senior mezzanine loan provided by Macquarie Bank Limited. AREFIN, an existing lender to the asset, invested new capital in the transaction through a majority interest in the new senior mezzanine loan, demonstrating its continued support of The Apthorp. “This recapitalization resolves all legacy capital issues and is structured to ensure that the current Condominium Plan will continue to its successful completion.” said Lee S. Neibart, AREA’s Global CEO. As a condition to the recapitalization, AREFIN assumed control of Apthorp Associates LLC, the sponsor under the Condominium Plan. Apthorp Associates will continue as the sponsor going forward and will direct operations at the property. Broadwall Management of the Apthorp and Broadwall Consulting Services, affiliates of the Feil Organization, will continue in their roles as project manager and owner’s representative and Corcoran Sunshine Marketing Group will continue as marketing and sales agent. Douglas Harmon and Adam Spies of Eastdil Secured represented Angelo Gordon which cashed out of the deal.

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