Rose Secures Financing for Development of the Larstrand
Posted On October 24, 2011
Rose Associates announced today that it has closed a $125 million loan funded by the issuance of bonds provided by the New York State Housing Finance Agency for the development of a luxury apartment building. Wells Fargo provided the credit enhancement for the bonds. The loan will facilitate the construction of The Larstrand, a development of New York City-based Friedland Properties. Of the Larstrand’s 181 apartments, 37 will be designated as affordable housing.
“We are excited to lead the financing for the development of this project and we believe the combination of Rose Associates, as owner's representative, and Friedland Properties makes this a very attractive opportunity for the bank.” said Mike Kaczynski of Wells Fargo Bank.
The Larstrand is an 80/20 development that will offer a total of 181 residences. The property will include 40,000 square feet of retail space with frontage along Broadway between 77th and 78th streets in New York City. CVS has agreed to lease a portion of the retail space on Broadway.
“I am excited to construct and market this exciting, new, Upper West Side rental,” said William Friedland, of Friedland Properties. “The site is shovel ready, and we plan to begin construction immediately with completion scheduled for third quarter 2013.”
The Larstrand will offer a mix of studio-, one-, two- and three bedroom rentals. A variety of unique amenities are planned for the property including a fully equipped gym, an expansive residents lounge and a spectacular rooftop garden. Rose Associates is acting as owner's representative and fee developer to Friedland.
“Rental buildings in Manhattan are currently 99 percent occupied and there is not a significant amount of new product in the pipeline,” said James Hedden, Senior Managing Director of Rose Associates. “The Larstrand is well-timed, especially when you consider the sustained demand the Manhattan market has shown for high quality well designed rental product.”
About Rose Associates, Inc.
Based in New York, Rose Associates is a developer, owner and operator of premium residential properties. From planning a new development to managing day-to-day property operations, the Rose 360 Platform offers a full range of services designed to maximize the value of real estate. The firm oversees more than 26,000 units across New York, with approximately $2 billion in projects under development. Rose recently opened the historic skyscraper 70 Pine Street, which the firm is transforming into a luxury rental property with 644 residential units, 132 extend-stay apartments and a destination restaurant/lounge occupying the top four floors.