Walker & Dunlop Arranges $154M to Refinance Solow’s Two Sutton Place North


Walker & Dunlop arranged $154 million in financing for Solow Building Company to refinance Two Sutton Place North, a luxury apartment building on Manhattan’s Upper East Side, according to documents filed with the New York City Department of Finance.

Loan documents show a $50 million promissory note from J.P. Morgan Chase from 2014, the year the project was completed, a $40 million gap note from the same lender from 2015 and an amended and restated note of $90 million that same year. The documents show a new $64 million multifamily note from Walker & Dunlop dated January 2016.

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Filings with the Department of Finance show the loan was closed on Jan. 28 and published online today. Records also show the loan was assigned to Freddie Mac, however a spokeswoman for the agency said she could not confirm anything on the deal.

The law firm of Shearman & Sterling, which represented Solow Realty & Development, noted in a post on its website that a portion of the proceeds was used to pay off a bridge loan that the firm’s real estate team closed in 2014, the same year that construction on the property was completed.

The 37-story rental tower, located at 1113 York Avenue at East 61st Street, includes 204 apartments ranging from studios to three-bedroom units.

StreetEasy records show rentals at the building ranging from $3,850 per month for 559-square-foot studio up to $10,550 per month for a 1,749-square-foot, three-bedroom apartment. Rent for 2,000 square feet of retail space is listed for $20,833 on StreetEasy.

Officials from Solow, J. P. Morgan Chase and Walker & Dunlop were not immediately available for comment.