BentallGreenOak JV Lands $248M Refi for Manhattan Tower
The partnership paid $290 million for the luxury asset back in 2018.
A joint venture between BentallGreenOak and Slate Property Group has secured $248 million for the refinancing of The Biltmore, a 464-unit luxury community in Midtown Manhattan. Working on behalf of the borrower, Newmark arranged the loan from Square Mile Capital and Clarion Partners.
According to Yardi Matrix information, the ownership picked up the asset back in 2018 for $290 million, financing the purchase with a $151.9 million loan originated by Mesa West Capital.
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Newmark Debt & Structured Finance Co-Heads Jordan Roeschlaub and Dustin Stolly, along with Senior Managing Directors Nick Scribani and Chris Kramer, led the team arranging the financing on behalf of BentallGreenOak and Slate Property Group.
In a prepared statement, Roeschlaub said that, despite facing challenges over the past few years, New York City’s multifamily market has continued to perform well. He further added that investors currently prefer quality assets that include mixed-use components.
A luxury multifamily tower in Midtown Manhattan
Completed in 2003, the 51-story apartment tower also comprises 47,397 square feet of commercial space, which includes food and beverage options, convenience retail spots, as well as fitness and a medical office-designated spaces.
The community has studio, one- and two-bedroom floorplans ranging from 416 to 1,225 square feet, Yardi Matrix shows. Property amenities include a 24-hour concierge, fitness center, game room, lounge, movie/TV screening room and roof deck, among others.
The building was recently revamped and features a renovated lobby, a full floor of upgraded amenities and modernized elevator systems. Stolly said, in prepared remarks, that the current financing will enable the ownership to complete the property’s planned improvements.
Located at 271 W. 47th St., The Biltmore rises in one of Manhattan’s most accessible locations and is conveniently located near Hudson Yards, Columbus Circle, Central Park and Times Square. Major Midtown employers, dining and nightlife destinations and entertainment venues are also nearby.