The Real Deal New York

Acuity Capital secures $95M loan for UWS rental building

Natixis is the lender
By Christian Bautista | August 03, 2018 09:30AM

Elliot Neumann (inset) and 212 West 91st Street (Credit: Google Maps)

Acuity Capital secured a $95 million mortgage for Upper West Side rental building The Greystone.

The property, located at 212 West 91st Street at the corner of Broadway, is a 14-story residential building with 363 apartments and three commercial units, city records show. Acuity paid $139.1 million for the property in 2013. It was previously owned by Brack Capital Real Estate.

The new loan replaces an $88.4 million from Santander Bank. The lender for the new debt is French bank Natixis Real Estate Capital, which assumed the unpaid balance of $80.3 million from the previous mortgage, according to records filed with the city on Thursday. The loan package also includes a $14.6 million gap mortgage.

Acuity, headed by Elliot Neumann, has a portfolio that covers Manhattan and Brooklyn. Its holdings include 440-450 Audubon Avenue in Washington Heights, which it purchased for $20.8 million in 2016, and 185 Marcy Avenue, a Williamsburg office building it acquired last year. The company previously pushed to exclude an affordable housing component from its Chelsea condo project at 42 West 18th Street. It instead proposed paying for affordable housing elsewhere in the city. The plan gained support from the City Council.

The firm did not immediately respond to requests for comment.