Multifamily real estate investment trust, UDR, will acquire 10 Hanover Square, in New York City, from Witkoff Group. The apartment community will be sold for about $260.8 million. The acquisition will be funded through the assumption of an existing $192 million fixed rate mortgage, the issuance of $64.3 million of operating partnership units and about $4.5 million in cash. The fixed-rate mortgage has an all-in rate of 5.93% and is due in December 2015.
Click here for the release from Business Wire.