Charles Blaichman’s CB Developers refinanced its Lower East Side student-housing building at 101 Ludlow Street with a $71 million CMBS loan from Jefferies LoanCore, sources told The Real Deal.
The 20-story, 140,000-square-foot building houses a dorm for School of Visual Arts students. The developer owns the residential portion and one of the building’s two retail condominium units.
The new mortgage replaces a $55 million loan – also from LoanCore – that CB paid off prior to maturity, sources said.
Maverick Commercial Properties’ Adi Chugh acted as the financing adviser on the deal.