Ares Management is set to acquire Mitsui Fudosan’s 75% stake in the Hell’s Kitchen apartment complex at 525 West 52nd Street, valuing the property at $270 million. The 392-unit building comes with a $200 million Wells Fargo loan at a favorable 4% interest rate, maturing in 2028. Assumable mortgages like this are easing deal closures despite rising interest rates. This acquisition follows other large New York multifamily purchases by firms like Carlyle Group and KKR, as Ares continues to expand its real estate investments nationwide, including a recent $140 million purchase in Boca Raton.
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