NYCB Refinances East Village Mixed-Use Portfolio With $76M Loan [Updated]
A group of investors led by Citi-Urban Management President Nathan Halegua and investor Martin Newman has refinanced a six-building portfolio in Manhattan’s East Village with a $75.6 million debt package from New York Community Bank, records filed with the New York City Department of Finance indicate.
The new financing replaces and provides $22 million in additional debt on a mortgage originated by NYCB in June 2012. The previous debt originally carried a balance of $57 million, which was paid down to $53.1 million in July 2012, according to city records.
Mr. Halegua, who also serves as a principal at EVO Real Estate Group, confirmed to Commercial Observer that the proceeds of the mortgage are being used to refinance the portfolio.
The portfolio comprises of a group of residential structures known in the industry as the Clearwater Portfolio, which includes 141-143 Second Avenue, 145 Second Avenue, 147-149 Second Avenue, 151-153 Second Avenue, 156-158 Second Avenue and 157 Second Avenue, according to city records.
Upon acquisition, the portfolio also included 24 St. Marks Place, 111-115 East 7th Street , 213-215 East 4th Street and 244 East 21st Street, all of which have since been sold off.
The current portfolio holds 111 units and 27,900 square feet of commercial space.
A representative for NYCB confirmed the refinancing, and said GCP Capital Group brokered the deal.
Update: This story has been edited to include that four of the original ten properties in the Clearwater Portfolio have been sold off over time.