Bridge Investment Group Refis Nolita Multifamily Site With $36M Loan

Galil Management has sealed a $35.5 million loan to refinance five contiguous five-story multifamily buildings in Manhattan’s Nolita neighborhood, Commercial Observer has learned.

Bridge Investment Group provided the loan for the properties at 260-268 Elizabeth Street as part of a recapitalization that added Penn South Capital as a new equity partner for $40 million. The five adjacent buildings comprise 48 units and six commercial spaces, including clothing store Still Here at 268 Elizabeth Street. 

Newmark’s Max Ralby negotiated the financing.

Rosewood Realty Group arranged the recap with a team consisting of Ben Khakshoor, Alex Fuchs and Aaron Jungreis.

The deal closed four and a half years after Prime Finance bought a $40 million note on the buildings that encompass 38,609 square feet and 24,906 square feet of air rights, PincusCo. previously reported. Galil Management, then known as E&A Associates, acquired the buildings for $61.25 million in 2015, according to PincusCo. 

BridgeInvest, Galil Management and Penn South Capital did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.