Aby Rosen’s RFR Realty has secured a $70-million refinancing for an apartment complex in the Upper East Side.
RFR, which closed the deal from M&T Bank, plans to transform the 27-story complex at 300 East 64th Street into condominiums, the New York Observer reported. The New York-based developer, formerly known as RFR Davis, built the structure during the mid-1990s as one of its first projects. The firm took out a $24 million collateral mortgage on the property in 2009, then refinanced that loan in 2010. The most recent $70 million refinancing replaces the previous loan and carries a three to five-year term, according to the Observer.
Units at the address range in prices from $3,000 to almost $12,000 per month, StreetEasy data reveals. The building does not contain rent-regulated apartments, which could result in simpler conversions to separate condominium entities. [NYO] — The Real Deal staff