Stellar Management Lands $34M Refi for Queens Rental Property
By Cathy Cunningham April 2, 2019 11:51 am
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Signature Bank has provided a $34 million loan to refinance Stellar Management’s Court Plaza, a newly-renovated rental property in Kew Gardens, Queens, Commercial Observer has learned.
The debt was negotiated by GCP Capital Group‘s Alan Perlmutter and replaces a $32 million loan from Capital One.
“This was an opportune time to refinance the property given the substantial improvements ownership has made in the building, as well as the state of the broader capital market environment,” Adam Roman, COO and a principal at Stellar Management, said in prepared remarks. “We have seen success using a similar strategy with several of our other properties and will continue to ensure our portfolio is maintained at the highest standards.”
Located at 123-133 83rd Avenue, the 32-story luxury building was erected in 1974 and is the tallest building in the neighborhood. Its amenities include an onsite gym, a laundry room, and a parking garage.
“Signature Bank and Stellar Management have forged a valued and long-standing relationship over the past 10-plus years, which allows us to work closely together on the financing of many transactions, such as this most recent loan,” John Zieran, Signature Bank’s Managing Group Director, said. “Much of the Bank’s success in the multi-family lending space throughout metro-New York to date is a result of the types of deep relationships we forge with our clients such as Stellar Management who have built a solid reputation as a well-respected building owner and manager. Extending these types of loans affords both parties the opportunity to leverage and expand this important relationship in the future.”
In December, Stellar also refinanced debt on The Paris, a rental tower at 752 West End Avenue in the Upper West Side, with a $125 million loan from Helaba.
