UDR to Acquire Apartment Community in Manahttan for $260.8M

UDR, Inc. UDR today announced that it has entered into a definitive agreement with the Witkoff Group to acquire 10 Hanover Square, a 493-home apartment community in New York City's thriving Financial District, for $260.8 million. The purchase price will be funded through the assumption of an existing $192.0 million fixed rate mortgage, the issuance of approximately $64.3 million of operating partnership units (with a floor price of $25 per unit) and approximately $4.5 million in cash.