RB Apartments was granted $155m to renovate Riverbank West, a 43-story residential tower in Manhattan’s Midtown West neighborhood. ING, acting as the administrative agent, underwrote and closed the loan. Built in 1987 and boasting 418 units, Riverbank West currently features a clubroom, media lounge, pool and dining terrace.
“We expect demand for refinancings of multifamily assets to remain strong throughout 2018,” said Craig Bender, managing director and head of US real estate finance at ING. “We’re seeing a general slower pace of asset sales, so owners with maturing debt are more likely to refinance rather than sell their assets. This applies to both existing assets and to newly developed assets, where refinancing of construction loans with floating rate-term loans is becoming more common.”
