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Brokerage
Posted: May 28, 2013
Rose and Klein of HFF represent borrowers in $150 million financing deal; Secured through Cornerstone Real Estate Advisors
Holliday Fenoglio Fowler, L.P. (HFF) has arranged $150 million in financing for the Madison Belvedere, a 50-story, 404-unit, class A multi-housing property near Madison Sq. Park.
HFF worked exclusively on behalf of a pension fund advised by Invesco to secure the loan through Cornerstone Real Estate Advisers.
The Madison Belvedere is located at 10 East 29th St. between Fifth and Madison Aves. three blocks north of Madison Sq. Park. Built in 1999, the property consists of studio, one and two-bedroom units, which are 93% leased.
The HFF team representing the borrower was led by managing directors John Rose and Steven Klein.
Established in 1983, Invesco Real Estate manages $50 billion of real estate investments in both direct property and real estate securities. With 334 employees worldwide, the group focuses on top-down market and property type fundamentals combined with bottom-up local market intelligence. The firm manages $30.1 billion in direct real estate portfolios and $19.7 billion in real estate securities portfolios. Invesco Real Estate is an investment center of Invesco Institutional (N.A.), Inc., a subsidiary of Invesco Ltd. (IVZ) which is a publicly traded money management firm.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales, and commercial loan servicing. www.hfflp.com.
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