The Real Deal New York

Solow secures $154M to refinance Two Sutton Place North

Developer opened the 37-story, 203-unit luxury rental tower in 2014

February 16, 2016 05:40PM

From left: Sheldon Solow and Two Sutton Place North

From left: Sheldon Solow and Two Sutton Place North

Sheldon Solow’s Solow Realty & Development Co. secured $154 million to refinance Two Sutton Place North on the Upper East Side.

Walker & Dunlop arranged the refinancing for the 203-unit, 37-story luxury rental tower at 1113 York Avenue.

Shearman & Sterling, the law firm that represented Solow, noted on its website some of the financing was used to pay off a bridge loan closed in 2014, the same year construction was finished.

Documents filed with the New York City Department of Finance show a JPMorgan promissory note of $50 million from 2014, a gap note of $40 million and an amended note of $90 million for 2015, the New York Observer reported. There is also a new $64 million multifamily Walker & Dunlop note from last month.

Billionaire Solow developed the building, where one-bedroom, one-and-a-half-bathroom units start at $3,960 a month. Last year, Solow filed plans for a 770,000-square-foot tower with 550 units at 685 First Avenue at 39th Street. The 42-story mixed-use building is slated to have 10,000 square feet of commercial space and 56,000 square feet of manufacturing space. [NYO]Dusica Sue Malesevic