The Real Deal New York

Nonprofit, Northwell Health get $246M loan for Upper East Side assemblage

Loan comes from CGA Mortgage Capital
August 20, 2018 02:45PM

TUFF CEO Kevin Byrne, 201-203 East 76th Street, and 1339-1345 Third Avenue (Credit: TUFF and Google Maps)

The University Financing Foundation and Northwell Health have received a $246 million acquisition loan for their purchase of six vacant Upper East Side buildings.

The loan comes from CGA Mortgage Capital, according to Commercial Observer. The Maryland-based company previously loaned Muss Development $198 million for Brooklyn Renaissance Plaza on Jay Street.

TUFF, a nonprofit, purchased the Upper East Side buildings earlier in August from Mautner-Glick for $232 million, and Northwell Health plans to develop the properties with a new outpatient care center, medical offices, a cancer center and an ambulatory surgery center. The assemblage stretches along Third Avenue from East 76th Street to East 77th Street. [CO] — Eddie Small