BLDG Management has snagged a $65 million loan for the refinancing of The Blake multifamily property on the Upper East Side of Manhattan, Commercial Observer can first report.
Principal Real Estate Investors provided the debt, according to sources familiar with the transaction, which has a 10-year term, features a fixed rate of 4.24 percent and includes seven years of interest-only payments. The loan replaces a $90 million loan originated by Column Financial in 2007.
The Blake is a 14-story, 181-unit multifamily property located at 220 East 63rd Street between Second and Third Avenues. Building amenities include a lounge, a fitness center and onsite parking.
“Understanding our clients long-term hold plan and how their exceptional reputation is regarded in the market, we approached life companies to achieve favorable balance of pricing, term and interest-only payments,” Shelby said in prepared remarks.
An active lender, Principal also provided an $85 million loan to Ormonde Equities for the refinancing of 2030 Broadway in March.
Representatives for Principal Real Estate Investors and BLDG did not immediately return a request for comment.