Ormonde Equities secures $85M to refi UWS resi building

Principal Life Insurance is the lender on the 12-story building
March 17, 2017 03:00PM

Ormonde Equities locked down $85 million to refinance its Lincoln Square rental building.

Principal Life Insurance Company provided the loan, the Commercial Observer reported. Ormonde Equities paid $42 million to G. Cook Realty for the building at 2030 Broadway in 2004, and UBS Real Estate Securities provided a $80 million loan for the building in 2007, according to the publication.

The 12-story building spans a total of 133,485 square feet, according Propertyshark. Known as the Ormonde, the building is between 70th and 69th Street, and has 179 apartments. There’s also 10,000 square feet of retail space. There are two active rentals at the building, asking an average of $7,000, according to StreetEasy. Ormonde Equities is run by Kayvan Hakim, CO reported.

Last month, Lloyd Goldman’s TRData LogoTINY BLDG Management locked down $70 million to refinance its rental building at 2380 Broadway and West 87th Street. [CO]Miriam Hall