The Real Deal New York

Carmel Partners scores $64M to refi Yorkville rental building

Wells Fargo is the lender for the 22-story property
By Miriam Hall | March 28, 2017 12:05PM

Carmel Partners locked down $64.1 million to refinance its 22-story rental building in Yorkville.

Wells Fargo is the lender for the building at 1749 First Avenue, according to records filed with the city Tuesday. The financing replaces the remaining balance on a $66 million loan from U.S. Bank, documents show.

The building at the corner of East 91st Street is known as the Cole and has 163 rental units and 8,900 square feet of commercial space. There are four active rentals, StreetEasy shows, with an average price of $3,732. Duane Reade pharmacy is a tenant in the building.

Camel Partners, led by Ron Zeff, is also developing a 483-unit rental at 112-118 Fulton Street. The firm paid David Lichtenstein’s Lightstone Group $171 million for the site in 2014.

The Firm Also Owns 15 Cliff Street, a 151-unit rental tower, and Renoir House at 224 East 63rd Street, a 163-unit building.

Representatives from Carmel and Wells Fargo could not be immediately reached for comment.