BLDG Management refinanced the Blake – the company’s 181-unit rental building on the Upper East Side – with a $65 million loan from Principal Real Estate Investors.
The landlord secured the 10-year loan to replace $90 million in debt provided by Column Financial in 2007, the Commercial Observer reported. The loan comes with a fixed rate of 4.24 percent with seven years of interest-only payments.
Meridian Capital Group’s Carol Shelby, who arranged the financing, said “we approached life companies to achieve favorable balance of pricing, term and interest-only payments.”
(To view more financing transactions involving BLDG Management, click here)