Chetrit, Stellar Bag $714M Loan for Upper East Side Apartment Towers
By Cathy Cunningham May 13, 2022 4:48 pm
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The Chetrit Group and Stellar Management have nabbed a $714 million commercial mortgage-backed securities (CMBS) loan to refinance Yorkshire Towers and Lexington Towers, their luxury apartment buildings on the Upper East Side, Commercial Observer has learned.
The deal closed this morning, proving Friday the 13th perhaps isn’t quite so unlucky after all.
Citigroup, BMO Capital Markets, Starwood Property Trust and MF1 Capital teamed up to provide the five-year debt package, sources said, while Galaxy Capital’s Henry Bodek negotiated the debt.
The behemoth loan will not have a single-asset, single-borrower execution, but rather be split across several conduit CMBS transactions, sources confirmed.
Joe Chetrit’s Chetrit Group and Larry Gluck’s Stellar teamed up to buy the buildings — which together comprise 812,000 square feet — back in 2014.
Yorkshire Towers, at 305 East 86th Street, is a 692-unit, 21-story apartment building built in 1964. Lexington Towers, built in 1962, is a 137-unit, 15-story apartment building at 160 East 88th Street, just a few blocks from Central Park.
Each tower has a 24-hour doorman, fitness centers and underground parking with an on-site valet. Yorkshire Towers includes an indoor heated swimming pool, a sauna, storage space, a children’s playroom and a driveway for residents.at record highs
The new financing retires $550 million in CMBS financing, previously provided by Natixis and UBS in 2017, and comes at a time where New York City apartment rents are at record highs.
Representatives for Stellar Management didn’t immediately return a request for comment. BMO, MF1 and Starwood officials declined to comment. Chetrit Group, Citi, and Galaxy officials could not immediately be reached for comment.
Cathy Cunningham can be reached at ccunningham@commercialobserver.com
