Icon Realty Extends $116M CMBS Loan on UES Rental Portfolio
Iron Hound Management negotiated the modification
By Brian Pascus November 19, 2024 1:33 pm
reprints
A portfolio of 19 Upper East Side rental buildings split between three commercial mortgage-backed securities (CMBS) trusts has received a two-year, $115.7 million loan extension, Commercial Observer has learned.
Located exclusively in Manhattan, the 19-property portfolio consists of 350 units and is owned by Icon Realty Management, a New York property management firm.
Iron Hound Management negotiated the loan extension on behalf of the borrower, sources said.
The $115.7 million CMBS loan is split between three separate trusts: JPMCC2019-UES, JPMCC2019-COR5 and BMARK2019-B12. The loan was securitized in 2019 and was scheduled to mature before the end of this year before receiving the two-year extension.
At the time of origination, J.P. Morgan Chase served as the lead lender on the deal.
All 19 buildings have Upper East Side addresses, including 244 East 78th Street, 323 East 78th Street, 513 East 82nd Street, 340 East 81st Street and 409 East 81st Street.
Icon Realty Management and Iron Hound Management did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
