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

Citibank and Santander Bank are the lenders

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

arrow_forward_ios
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
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
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Blackstone Group's Stephen Schwarzman, KKR's Henry Kravis and Apollo's Leon Black (Getty, Facebook, iStock)
Blackstone, Apollo, KKR take market hit on Evergrande tumult
Blackstone, Apollo, KKR take market hit on Evergrande tumult
Turnbridge Equities founder Andrew Joblon, KKR co-founder Henry Kravis and the distribution center (Getty, Turnbridge)
Turnbridge, Dune land $381M loan for Hunts Point site
Turnbridge, Dune land $381M loan for Hunts Point site
Vanbarton Group’s Gary M. Tischler and Richard Coles with Marble Collegiate Church at 1 West 29th Street (Getty)
Vanbarton Group, church sued by foreign investors in fallout from HFZ debacle
Vanbarton Group, church sued by foreign investors in fallout from HFZ debacle
Northwind Group managing partner Ran Eliasaf and 165 Lexington Avenue (Northwind Group, Brooklyn North Capital)
Brooklyn North Capital, RiverBrook score $49M loan for Kips Bay condo
Brooklyn North Capital, RiverBrook score $49M loan for Kips Bay condo
One man, two companies, three bankruptcies
One man, three bankruptcies: Verrino Construction files for Chapter 7
One man, three bankruptcies: Verrino Construction files for Chapter 7
Maverick Real Estate Partners principal David Aviram and 416 West 25th Street (Google Maps and LinkedIn)
Maverick denied yet again in battle over Chelsea rental
Maverick denied yet again in battle over Chelsea rental
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...