Morgan Stanley Lends $95M for Manhattan Mixed-Use Asset
Laub Realty has nabbed $95 million in permanent financing to refinance a mixed-use Manhattan property on the Upper West Side, Commercial Observer can first report.
Morgan Stanley supplied the 10-year, interest-only loan that features a fixed-rate of 3.55 percent for 261-275 Amsterdam Avenue. Black Bear Capital Partners‘ (BBCP) Bryan Manz, Brandon Harris and Phillip Bowman arranged the debt package on behalf of Michael Laub of Laub Realty and Michael Goldstein of Eastgold Holdings.
“We are pleased to place this long-term, ten-year fixed rate interest-only loan through our strategic relationship with Morgan Stanley,” Manz said in a statement. “Morgan Stanley quickly recognized the strength of borrower’s management capabilities, pride of ownership, and long-term tenancy on a trophy asset in a AAA location, closing the loan in a smooth and efficient manner on an expedited basis.”
Constructed in 1905, the Beaux Arts-style, 134-unit property spans 12 stories between 72nd and 73rd streets. The building also comprises roughly 20,837 square feet of at-grade retail space with national tenants that include Chipotle and Capital One.
Scarsdale, N.Y.-based Laub Realty operates more than 2,000 apartment buildings, along with more than 1 million square feet of commercial office and retail space. It also has concentrated more on medical assets in recent years.
New York City-based BBCP, a subsidiary of Black Bear Asset Management, closed more than $1 billion in debt packages in 2020, despite facing challenging market conditions posed by the COVID-19 pandemic. The firm, which opened new offices last year in New Jersey and Chicago, is looking to expand its national platform with another $500 million of planned financing in the pipeline.
BBCP has closed numerous financings during the past few months for clients nationwide, including in New York, New Jersey, Pennsylvania, Connecticut, Texas, California, Florida, Ohio, Illinois, Arizona, Nevada, South Carolina, Minnesota, Georgia and Nebraska. It’s planning new senior-level hires soon, as part of a strategic initiative to service new demands for capital resulting from pandemic-induced real estate dislocations.
“BBCP has achieved extraordinary growth in the past year, and our new teams in Chicago and New Jersey have done a tremendous job in expanding our firm’s geographic presence,” Manz said. “As our capital advisory platform continues to strengthen, we look forward to adding talented senior-level advisors to the organization.”
Officials for Morgan Stanley declined to comment. Laub Realty did not immediately respond to a request for comment.