Natixis Facilitates $260 Million Refinancing of Iconic New York Multifamily Property

Natixis Corporate & Investment Banking Secures $260 Million Refinancing

In a major financial move, Natixis Corporate & Investment Banking, a prominent global financial institution, has announced the successful origination of $260 million in floating-rate financing. This funding is designated for AIRE, a luxurious 43-story multifamily rental property located in one of New York City’s most sought-after neighborhoods, the Upper West Side.

The financing was provided to a joint venture that includes a major global investment firm and the Gotham Organization, a real estate development and management company well-known for its commitment to residential excellence and community-oriented services.

AIRE: A Premier Living Space

Completed in early 2010, AIRE is recognized for its high-quality condo-style finishes and a plethora of premium amenities. Residents enjoy onsite parking (which is third-party leased), a modern fitness center, a lavish private half-acre elevated park, and a well-equipped event space that includes a catering pavilion. Additional facilities such as a yoga room and children’s playroom further enhance the living experience, alongside a co-working space designed to cater to the increasing demand for flexible working environments.

One of the standout features of AIRE is its substantial commercial space, totaling nearly 37,000 square feet. This area primarily comprises medically anchored businesses, adding to the property's allure and convenience for residents.

Gotham Organization's Transformational Touch

Nicole Picket, Vice President at Gotham Organization, expressed her satisfaction with the financing's success, indicating that this $260 million refinancing reflects continuing confidence in not just the property but in the extensive upgrades made to AIRE. Gotham has revolutionized AIRE through significant design-forward enhancements and has elevated the tenant experience by incorporating renowned hospitality elements.

Since acquiring the property, Gotham has collaborated closely with Handel Architects to refresh the residences and upgrade common areas, successfully blending contemporary design with functional living. This includes a newly renovated fitness center and an innovative fourth-floor terrace featuring a firepit, grills, and a bar that encourages social gatherings.

Gotham Organization is not new to developing high-quality residential experiences; with a portfolio exceeding 5,000 residential units, their property management is characterized by a unique hospitality program aimed at providing personalized services and engaging community events. According to Picket, these initiatives have simply shifted how residents perceive apartment living.

Strategic Financial Arrangement

The financing arrangements came together through the expertise of Lawrence Britvan and Michael Straw from the New York City office of CBRE, another key player in real estate transactions with a strong base in investment management and finance. The arrangement will not only facilitate the refinancing of this notable property but will also bolster Gotham's ongoing commitment to enhancing the living conditions and amenities for AIRE’s residents.

About Natixis Corporate & Investment Banking

Natixis Corporate & Investment Banking is renowned for its wide array of financial services, which include advisory, investment banking, financing, corporate banking, and capital markets services. This financial powerhouse functions within about 30 countries, providing valuable insights and assistance to corporations, financial institutions, and supranational organizations in their strategic development efforts.

In alignment with growing global commitments towards sustainability, Natixis CIB is also striving to align its portfolio with carbon neutrality targets by 2050, while steering clients towards reducing their environmental footprints. As a subsidiary of Groupe BPCE, one of France's largest banking groups, Natixis CIB leverages the strength and support of its parent company, promising stability and robust ratings from agencies such as Standard & Poor's and Moody's.

The transaction involving AIRE showcases Natixis's commitment to facilitating revolutionary real estate developments and financing arrangements, solidifying its position as a leader in the financial services sector.