Derby Copeland Capital Provides $54 Million Refi for Lexington Avenue Condo

Rybak Development and BK Developers have secured $54 million to refinance 660 Lexington Avenue, a 19-story, 31-unit condominium in the Midtown East section of Manhattan, Commercial Observer can first report.

Derby Copeland Capital provided the debt, which retires an existing loan on the property, while Meridian Capital Group’s Scott Miller and Rael Gervis arranged the transaction. 

In a statement, Miller praised the team effort of both sponsors, who acquired the development site in 2021 for $24.4 million, as well as lender Derby Copeland Capital in pushing the refinancing across the finish line. 

“Derby Copeland Capital took the time to understand the asset and the business plan, and working alongside the sponsorship, we were able to structure financing for an incredibly well-designed project as it heads into its final stages,” said Miller. 

Located on the corner of East 55th Street and Lexington Avenue on the east side of Midtown, 660 Lexington Avenue only recently finished construction and launched sales for its 31 condominium residences in March 2026. 

The 52,558 square-foot asset features two floors of retail beneath its residential units. 

Brian Pascus can be reached at bpascus@commercialobserver.com