The global real estate management arm of private equity firm Apollo has provided Slate Property with a $97m (鈧�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鈥檚 supermarket.
Martin Nussbaum, founding principal at Slate Property, said: 鈥淭his 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.
鈥淲e are grateful to the team at Apollo for recognising and acting on the rare opportunity that The Yellowstone presents.鈥�
David Schwartz, founding principal of Slate Property, said: 鈥淲e鈥檙e 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.鈥�
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