The global real estate management arm of private equity firm Apollo has provided Slate Property with a $97m (€89.4m) loan to help refinance a luxury apartment building in New York City.
Slate Property, in partnership with Grobman Gross Properties, said Apollo Global Real Estate Management has provided the refinancing loan for The Yellowstone, a 166-unit multifamily asset in Forest Hills in Queens.
The five-year, fixed-rate loan will be used to retire existing debt, cover closing costs and fund an interest reserve on the recently completed ground-up apartment building.
The 182,000sqft development also hosts 48,964sqft of convenient ground-floor retail which is 100% occupied and anchored by a Trader Joe’s supermarket.
Martin Nussbaum, founding principal at Slate Property, said: “This recently constructed, well-capitalised luxury project boasts modern layouts, premier finishes and in-demand amenities all while being situated in a vibrant neighbourhood with easy accessibility to Manhattan.
“We are grateful to the team at Apollo for recognising and acting on the rare opportunity that The Yellowstone presents.”
David Schwartz, founding principal of Slate Property, said: “We’re proud that Apollo recognises the value and experience our vertical integration brings to this transaction. When selecting a team to work with, we know that our experience and track record are as pivotal as our product.”
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