The Real Deal New York

CB Developers refis LES dorm with $71M loan

New mortgage from LoanCore replaces $55M loan on 140K sf building

October 25, 2016 08:00AM
By Konrad Putzier

From left: Adi Chugh, 101 Ludlow Street and Charles Blaichman

From left: Adi Chugh, 101 Ludlow Street and Charles Blaichman

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.

CB Developers, founded in the 1980s, specializes in residential development in the city.  In May, the firm filed plans for a 74-unit condo building at 591 Third Avenue in Murray Hill.

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