Citigroup Provides $50M CMBS Refinance for NYC Multifamily Portfolio
By Andrew Coen July 14, 2021 3:29 pm
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Manhattan-based property owner Fine Times has landed $50 million of commercial mortgage-backed securities (CMBS) debt to refinance 18 multifamily assets throughout Manhattan and Brooklyn, Commercial Observer can first report.
Citigroup (C) supplied the 10-year CMBS loan, which features an interest rate in the mid-3 percent range and interest-only payments for the full term. The transaction was negotiated by Meridian Capital Group vice presidents Shamir Seidman and Daniel Neiss, who are both based in the brokerage firm’s New York City headquarters.
The Fine Times portfolio consists of 12 properties in Manhattan totaling 85 units, including 17 West 68th Street; 19 West 68th Street; 21 West 68th Street; 23 West 68th Street; 44 West 69th Street; 46 West 69th Street; 46 West 70th Street; 30 West 71st Street; 32 West 71st Street; 219 West 71st Street; 53 West 73rd Street; and 12 West 76th Street.
The portfolio also contains six properties in Brooklyn comprising 64 total units at 196 Columbia Heights; 198 Columbia Heights; 150 Columbia Heights; 9 Montague Street; 6 Pierrepont Street; and 82 Pierrepont Street.
“We received very favorable terms for these high-quality assets and were pleased to be able to make this project happen,” Seidman said in a statement.
Officials at Fine Times did not immediately respond to a request for comment on the transaction. Citigroup declined to comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
