Stonebridge lands $92M loan for a pair of Midtown properties

Company is refinancing 223 West 34th Street and 218 West 35th Street

TRD New York /
Apr.April 20, 2018 01:00 PM

Stonebridge Companies has landed a $92 million loan for a pair of Midtown properties.

The loan from Aareal Capital Corporation will go toward 223 West 34th Street, a four-story commercial building, and 218 West 35th Street, the 348-key Renaissance New York Midtown Hotel, according to property records. Both sites are located on the same block.

Aareal assumed the $68 million mortgage on the properties from Goldman Sachs and provided a gap mortgage of $24 million.

Aareal did not respond to a request for comment. Stonebridge declined to comment.

The company recently loaned Aby Rosen’s RFR Realty $140 million for its nearby Paramount Hotel in Times Square as well. It also provided Singaporean sovereign wealth fund GIC with $575 million to finance its purchase of 60 Wall Street, which The Real Deal ranked as the second largest building sale last year.


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
CIM Group’s Shaul Kuba, Knotel's Amol Sarva, Related Group’s Jorge Pérez and The Agency’s Mauricio Umansky (Getty, Sarva by Sasha Maslov, iStock)

These real estate companies got fat PPP loans

These real estate companies got fat PPP loans
Related chairman Stephen Ross and Related Companies Portfolio CEO Richard O’Toole withBronx Terminal Market and Time Warner Center (Getty, Google Maps, Wikipedia)

Related lays out $200M debt settlement plan for Tel Aviv bondholders

Related lays out $200M debt settlement plan for Tel Aviv bondholders
Federal Reserve Chairman Jerome Powell (Getty)

Real estate stocks benefit from second quarter rally

Real estate stocks benefit from second quarter rally
The Seagram Building at 375 Park Avenue with a photo illustration of RFR's Aby Rosen (Getty, Google, iStock)

Aby Rosen to build sprawling gym in Seagram Building

Aby Rosen to build sprawling gym in Seagram Building
(iStock)

TRD Insights: The 56 REITs whose bonds the Fed will buy

TRD Insights: The 56 REITs whose bonds the Fed will buy
Square Mile Capital’s Craig Solomon and Hackman Capital Partner's Michael Hackman with Silvercup Studios at 42-22 22nd Street in Long Island City (Hackman; AAK via Wikipedia Commons)

Hackman, Square Mile in talks to buy Silvercup Studios

Hackman, Square Mile in talks to buy Silvercup Studios
arrow_forward_ios

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

Loading...