Simon Baron Development and Quadrum Global pulled off a $70 million loan to refinance their 17-story rental building at 393 West End Avenue on the Upper West Side, the developers told The Real Deal.
Signature Bank provided the loan, which will replace a $32 million mortgage it gave in 2012.
Simon Baron Development, led by Jonathan Simon and Matthew Baron, paid $68.3 million in cash for the rental building in 2012, and spent the last few years renovating and upgrading the property’s 114 apartments.
In a statement, Quadrum CEO Oleg Pavlov said 393 West End has finishes that are “on par with many local condominiums.”
Ayush Kapahi of HKS Capital Partners brokered the refinancing on behalf of the developers.
Available apartments include a one-bedroom asking $4,000, a two-bedroom listed for $5,250 and a four-bedroom asking $15,500, according to StreetEasy.
The redevelopment is one of several joint projects for Quadrum and Simon Baron, including the Chamberlain, a 39-unit co-op at 269 West 87th Street, and the Arlo NoMad, a 250-room hotel at 11 East 31st Street.
They’re also co-developing residential towers at 45-40 Vernon Boulevard and 29-26 Northern Boulevard, both in Long Island City. In December, Quadrum and Simon Baron obtained a $150 million construction loan from AIG for the development on Northern Boulevard.
Quadrum, a London-based firm led by Oleg Pavlov and Seth Schumer, has been shopping a 1.5-acre Greenpoint site for $60 million.