Nelson and L+M land $149M refi for two rental buildings

Citibank and Santander Bank are the lenders

TRD New York /
Dec.December 18, 2017 04:40 PM

From left: 275 South Street, 150 West 225th Street , Robert Nelson, and Ron Moelis

Nelson Management Group and L+M Development Partners refinanced two rental towers in Manhattan and the Bronx with $148.9 million in loans, the firms announced Monday.

Citibank Community Capital issued a $107.4 million mortgage for 275 South Street, a 19-story, 256-unit complex on the Lower East Side. Santander Bank refinanced the Promenade Apartments in Marble Hill with a $41.5 million loan. The 33-story complex at 150 West 225th Street includes 318 apartments.

Park Hill’s Jeff Baker and Graham Hobbs brokered the loans, which both cover five-year terms. Meridian Capital Group’s David Ostrov helped bring together the Promenade refinancing. The South Street loan has an interest rate of 3.43 percent and the Bronx deal’s rate is 3.74 percent.

Nelson owns stakes in both towers through its investment arm, Global One Investments. Last year, Nelson and L+M announced that they are giving 275 South Street a makeover.

At Nearby 260 South Street, L+M and CIM Group are developing two towers with 1,350 apartments.

Related Articles

With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

The Tel Aviv Stock Exchange (Credit: Getty Images)

All Year’s Israeli bonds tumble on $41M loss

Alex Sapir and the NoMo Soho hotel at 9 Crosby Street (Credit: NoMo SoHo)

Sapir Corp.’s stock drops in Tel Aviv

Ron Moelis of L + M Development Partners (Credit: iStock)

L+M to pay $25,000 penalty for unreported lobbying

55 Hudson Yards, Facebook CEO Mark Zuckerberg (Credit: Google Maps and Getty Images)

Here’s how much Facebook is paying at Hudson Yards

Michael Shvo with 711 5th Avenue (Credit: Getty Images, and Google Maps)

Michael Shvo seeking $600M to refinance Coca-Cola Building

4650 Broadway (Credit: Google Maps)

Inwood site goes for twice what seller paid last year