March 14, 2023 9:00 AM
On behalf of BentallGreenOak and Slate Property Group, Newmark has arranged a $248 million refinancing of The Biltmore, a 464-unit luxury apartment building complimented by 47,397 square feet of commercial space located in New York City’s dynamic Midtown West submarket. The Newmark team was led Co-Heads of Newmark Debt, Equity & Structured Finance Jordan Roeschlaub and Dustin Stolly, along with Senior Managing Directors Nick Scribani and Chris Kramer. Square Mile Capital and Clarion Partners provided the loan.
Since acquiring the property in 2018, ownership implemented a capital improvements plan that included significant unit and common area upgrades. The upgrades include a reimagined lobby, updated tenant amenities, modernized elevator systems, facade improvements and top-of-the-line interior finishes. The refinance will allow for the strategic completion of the property’s unit renovation while ownership executes a near-term renewal of the 421(a)-tax abatement.
“The multifamily market in New York City has been a strong performer despite the headwinds over the past few years and quality assets that offer a mixed-use component remain a top choice for owners,” said Roeschlaub. “We believe that the financing provided by our partners at Square Mile Capital and Clairon will allow for ownership to successfully complete strategic upgrades to this iconic asset,” added Stolly.
The Biltmore was constructed in 2003 and spans 51 stories, featuring stunning views of the city skyline and Hudson River. The 464 apartment units combine upscale finishes with a comprehensive amenity package. Tenant amenities include a 24-hour concierge, fitness center, game room, lounge, movie/TV screening room and roof deck complemented by a 61-space attended parking garage. The commercial space of the property features food and beverage purveyors, convenience-oriented retail, boutique fitness and medical office.
Ideally situated in New York City’s Midtown West submarket, The Biltmore is favorably positioned in one of Manhattan’s most accessible locations and is conveniently located near Hudson Yards, major Midtown employers, hip restaurants and nightlife destinations, iconic entertainment venues, Columbus Circle, Central Park and Times Square.
BentallGreenOak is a leading global real estate investment manager with $80 billion in assets under management. With over 600 industry-leading professionals spanning 28 offices and 13 countries, BentallGreenOak has deep local knowledge and expertise, and an entrepreneurial passion for creating value through exceptional execution. BentallGreenOak is part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life Financial Inc.
BentallGreenOak invests in office industrial, residential, retail, investments globally with notable holdings that include: 685 Third Ave in New York, NY; The Octagon in New York, NY; 1700 California St in San Francisco, CA; Solaire in San Francisco, CA; VIA 6 in Seattle, WA; Oriana/River Tower in New York, NY.
About Slate Property Group
Slate Property Group is a vertically integrated owner, operator and developer of residential and commercial real estate in the New York metropolitan area. From adaptive reuse and repositioning of existing assets to ground-up development, the Slate team leverages proven expertise, a diverse set of capabilities and a regimented and planned approach to provide superior risk-adjusted returns on its investments to its investors.
During the last five years, the principals of Slate Property Group have purchased in excess of $5 billion in real estate assets achieving above market returns through various value-add and development strategies. Slate Property Group has an established strategy of pursuing opportunistic real estate investments located in the New York metropolitan area.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately $2.7 billion for the year ending December 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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