Stellar Management has received a $71 million refinancing on four New York City multifamily properties from BankUnited, Commercial Observer has learned.
The loan package will help retire existing loans, also provided by BankUnited, on the portfolio, according to information from Stellar Management. The properties previously secured a combined $76 million of debt, according to mortgage records. The new funding will have a seven-year term and a reset on the interest rate.
The properties include 501 West 110th Street and 167-175 West 81st Street in Manhattan, and 1655 Undercliff Avenue and 1889 Sedgwick Avenue in the Bronx.
The process to refinance the loans began prior to the COVID pandemic, and while nothing fundamentally changed, closing during the pandemic did lengthen the process, said Stellar COO Adam Roman. “The bank was more focused, and looked harder at collections, but in terms of long value or key fundamental economics, none of that changed,” Roman said.
“Rent collections has held strongly on residential and office. It’s more challenged on the retail side. That’s to be expected and we’re working with tenants to figure out how to work through it,” Roman added.