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Gaia and Acro score $76M to refi new Murray Hill condo conversion
Blackstone Mortgage Trust is the lender on the East 38th Street building
Gaia Real Estate and Acro Group pulled in $76 million to refinance the Vantage, a 97-unit Murray Hill condominium conversion that was recently completed, according to documents filed with the city Thursday.
Blackstone Mortgage Trust is the lender on the building at 308 East 38th Street, documents show.
The financing replaces a previous loan of the same amount, issued by M&T Bank in 2015, Gaia Real Estate’s Danny Fishman told The Real Deal.
Gaia and Acro bought the building from UBS Realty Investors for $75 million in 2015. They have recently finished converting the 22-story rental building into 97 condos, and are aiming for a sellout of $142.8 million. Their offering plan was approved in March, and 30 percent of the condos are under contract, according to Fishman.