The Real Deal New York

Chetrit, Stellar snag $550M to refi two UES apartment buildings

UBS, Natixis provided the loan
October 12, 2017 04:20PM

From left: Yorkshire Towers, Lexington Towers, Joe Chetrit and Laurence Gluck (Credit: UES Management)

The Chetrit Group and Stellar Management nabbed a $550 million loan to refinance two Upper East Side apartment buildings.

Natixis and UBS provided the financing for Yorkshire Towers, at 305 East 86th Street, and Lexington Towers at 160 East 88th Street, the Commercial Observer reported. The financing replaces a $425 million loan from Deutsche Bank in 2014. Chetrit and Stellar purchased the properties that year for nearly $500 million from the estate of Irving Schneider, who was a business partner of Harry Helmsley.

Yorkshire Towers, built in 1964, rises 21 stories and has 692 apartments. Lexington Towers is a 15-story building with 137 units. [CO] — Kathryn Brenzel