Chetrit, Stellar Seal $1.1B Multifamily Loan Hat Trick With $365M CMBS Deal
By Cathy Cunningham August 5, 2022 3:00 pm
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Mega loans have been few and far between recently, but Chetrit Group and Stellar Management just scored a $365 million commercial mortgage-backed securities (CMBS) refinance for Park West Village, their luxury multifamily property on the Upper West Side, Commercial Observer has learned.
Citigroup, BMO Capital Markets and Starwood Property Trust provided the loan. The same lending trio — together with MF1 Capital — also provided a $714 million CMBS refinance for Yorkshire Towers and Lexington Towers, Chetrit and Stellar’s two luxury apartment buildings on the Upper East Side, in May, making this latest deal a hat trick.
Galaxy Capital’s Henry Bodek negotiated the financing for all three assets, and the Park West Village deal closed Aug. 3.
The 773,271-square-foot, 850-unit property — at 784, 788 and 792 Columbus Avenue — is a collection of three newly renovated apartment buildings between West 97th and West 100th streets.
The Yorkshire and Lexington Towers CMBS financing was split across several conduit deals, and the Park West transaction has the same destiny, sources said.
Officials at Stellar, Chetrit Group, Citi and Galaxy didn’t immediately return requests for comment. Officials at BMO and Starwood declined to comment.
Cathy Cunningham can be reached at ccunningham@commercialobserver.com.
