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.

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