Walker & Dunlop Arranges $154M to Refinance Solow’s Two Sutton Place North
David Jones Feb. 16, 2016, 2:48 p.m.
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.
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.