Anthos Properties Secures Financing for Port Chester Multifamily Buy
Real Estate In-Depth | April 2020
PORT CHESTER—Anthos Properties of Nanuet has acquired The Castle luxury multifamily development here from institutional investors advised by J.P. Morgan Asset Management for $38.6 million.
In connection with the purchase, Anthos Properties secured a $28-million loan with Fannie Mae. The financing was arranged by JLL Capital Markets.
Built in 2015, The Castle is a luxury, transit-oriented apartment asset located in the heart of rapidly transitioning Downtown Port Chester. Institutionally developed, maintained and owned, the 120-unit building offers a large amenity base, prominent lobby, ground-floor retail unit and subterranean parking.
JLL’s Kelly Gaines and Sophie Gaylor represented the buyer in obtaining financing for the acquisition.
“The Castle is a Class A asset in a transit-oriented location such that lenders were able to understand and get comfortable with Anthos’ business plan to maximize the value of the property in order to provide very aggressive terms for the loan,” said JLL’s Gaines. “Working in tandem with our agency lending team we were able to present Anthos a multitude of options and remain flexible amongst those options until right before closing of the loan.”
“Anthos Properties was instantly attracted to The Castle’s overall quality and best-in-class amenities package,” said Paul Anagnostopoulos, director of acquisitions for Anthos Properties. “The Castle’s location, which is less than 1,000 feet from the train station, and a quick walk to Port Chester’s emerging entertainment and restaurant scene, were also driving factors in our decision to acquire the asset.”
Anthos Properties is a commercial and residential real estate and property management company focused on developing, redeveloping, acquiring and managing quality apartment communities in emerging markets throughout the United States. Anthos’s portfolio contains 3,500 apartment homes in four states, with three new communities under construction and two communities under reconstruction.