JP Morgan Locks in $165M Refinance for Midtown Multifamily Building

J.P. Morgan Investment Management has successfully obtained $165 million in refinancing for The Capitol, a notable 39-story multifamily building situated at 776 Avenue of the Americas in Midtown. The loan, provided by Northwestern Mutual Life Insurance, supplements an existing $118 million senior loan from PGIM Real Estate and a $46.9 million gap mortgage.

The Capitol: A Key Asset

Acquired by J.P. Morgan Investment Management in 2012 with a $130 million loan from HSBC Bank, The Capitol has proven to be a valuable asset. The building, which spans 454,538 square feet and comprises 387 residential units, offers a range of amenities designed to enhance the living experience.

Amenities and Features

The Capitol provides residents with an array of high-end amenities, including a 24-hour concierge service, a fitness center, a rooftop lounge, a dog wash station, a movie theater, and valet services. These features contribute to the building’s appeal and underscore its status as a premium residential property in Midtown.