Principal Real Estate Investors Provides $65M Refi for UES Multifamily Property



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.

SEE ALSO: State Farm Provides $60M Refi for BLDG’s Yorkville Multifamily Property

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 new financing was arranged by Meridian Capital Group’s Carol Shelby.

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.