NYC Apartment Tower Owned by Durst Lands New Equity, Debt

(Bloomberg) -- New York developer Durst Organization secured new equity and debt for a Long Island City apartment building, Sven.

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Durst brought in a new equity partner, Affinius Capital, in a deal that values the building at more than $700 million, according to a person familiar with the matter. Affinius will take a less than 50% equity stake, at more than $100 million, said the person, who asked not to be named citing private matters. The equity recapitalization is expected to close later this month.

The property owner also landed $450 million in debt financing from Wells Fargo & Co., which closed in May.

A Newmark Group Inc. team led by Adam Spies and Doug Harmon handled the deal. Spokespeople for Affinius, Newmark and Durst declined to comment.

The Sven was completed in 2022 and has 958 units, including some affordable ones. The building — the second-tallest tower in Queens at 755 feet (230 meters) — is part of the Affordable New York program and has a 35-year tax abatement that expires in 2058.

Green Street’s Commercial Mortgage Alert first reported the debt financing.

(Updates with Durst declining to comment in fourth paragraph.)

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