The Real Deal New York

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

Citibank and Santander Bank are the lenders
By Konrad Putzier | December 18, 2017 04:40PM

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.