Astoria Bank Refinances Seven-Building NYC Portfolio for $36M
By Danielle Balbi April 15, 2016 2:17 pm
reprints
Stellar Management took a $35.6 million loan from Astoria Bank to refinance a portfolio of residential buildings in New York City, Commercial Observer has learned.
Meridian Capital Group’s Tal Bar-Or brokered the financing, which carries a five-year term with a sub-3 percent interest rate. The deal closed last week.
“We saw a prime opportunity to restructure the financing of these properties and felt the timing was just right to do so,” Adam Roman, the chief operating officer of Stellar Management, said in prepared remarks provided to CO. “An exceptional team helped us pull this deal together, and we’re looking forward to the continued success with these properties.”
The multifamily portfolio is comprised of a six-story, 86-unit building in Brooklyn at 522 Ocean Avenue; four properties in Upper Manhattan at 65 Fort Washington Avenue, 4231 Broadway, 504 West 143rd Street, 510 West 144th Street and 529 West 179th Street; and a five-story, 43-unit residential building in the Bronx at 2558 Grand Concourse.
“We actually financed this portfolio for them a few years ago, with Astoria [Bank] as well,” Mr. Bar-Or said. “We were happy to be able to help refinance and capitalize on the value they’ve added and maintain the relationship with Astoria. We look forward to doing more with [Stellar] in the very near future.”
Last year, Stellar completed $650 million in financing. This transaction was the company’s first capital markets deal of 2016.
A representative for Astoria Bank did not respond to a email request for comment.
