Natixis Refinances UWS Apartment Building With $95M CMBS Loan
By Cathy Cunningham August 2, 2018 4:27 pm
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Acuity Capital Partners has nabbed a $95 million mortgage from Natixis Real Estate Capital to refinance The Greystone, a 14-story apartment building at 212 West 91st Street, property records show.
The debt will shortly be placed in a CMBS deal, sources told CO. It replaces and consolidates $88.4 million in previous financing, provided by Santander Bank in 2014, with a new $14.6 million gap mortgage from Natixis.
The 250,000-square-foot, 367-unit Class-B building was Acuity’s first acquisition and it was purchased in December 2013 for $139 million, as previously reported by Commercial Observer. The seller was Brack Capital Real Estate.
At the time of the property’s purchase, Acuity’s CEO Elliot Neumann described it as “a quintessential Manhattan building,” adding that the acquisition would “enable us to meet the objectives set forth for our investors.”
Property amenities include a landscaped rooftop deck that includes individual tenant gardens, a lounge and fitness facilities.
Rents range from $2,495 per month for a studio apartment to $16,593 per month for a four-bedroom apartment, according to CoStar Group.
Ground floor retail tenants at the property include Big Daddy’s Diner, which occupies 2,750 square feet on a lease that expires in December 2019, and Carmine’s restaurant.
Across town, Natixis teamed up with UBS last October to provide Stellar Management and The Chetrit Group with a $550 million, fixed-rate loan to refinance two Upper East Side apartment buildings.
A representative for Natixis didn’t immediately respond to a request for comment. Officials at Acuity couldn’t immediately be reached.
