Early of Oak Grove Capital arranges $82 million refinancing for 33 West End Avenue Apartments

Oak Grove Capital, a leading national provider of real estate financial services, has arranged refinancing for 33 West End Ave. Apartments, a 211-unit, mixed income high-rise on the Upper West Side. C. W. Early, vice president of Oak Grove Capital's affordable housing group, worked with borrower Atlantic Development to originate the $82 million Fannie Mae loan. The floating-rate loan has a 20-year term with a 35-year amortization and a one-year lockout, giving the borrower attractive prepayment flexibility throughout the life of the loan. Early said, "A lot of lenders claim to provide customized solutions for their borrowers, but this financing was the first of its kind with Fannie Mae, which gave our customer a truly customized financing solution: long-term cash out, prepayment flexibility and a low interest rate. The long-term execution allows the property to transition through the 421A tax exemption burn-off, and the prepayment flexibility allows the customer to keep options open at the same time. At a sub-2% current pay rate, this execution also provides very strong cash flow in the current rate environment." Peter Fine, CEO of Atlantic Development in New York City said, "This was a complicated transaction that needed an experienced affordable housing lender with strong agency relationships. We couldn't have asked for more from the Oak Grove team on the successful execution." 33 West End Ave. Apartments is a 25-story property that offers tenants amenities like 24-hour concierge services, a fitness center, a tenant lounge, shuttle service to the train station, in-unit and ground-floor laundry rooms, and an outdoor terrace.