The Real Deal New York

Stellar lands $75M refinancing for UWS rental complex

The lender is German firm Landesbank
By Christian Bautista | October 11, 2018 01:00PM

28-70 West 97th Street (Credit: CityRealty)

Stellar Management landed a $75 million mortgage for the Central Park Gardens apartment complex in the Upper West Side.

The property, with the address of 28-70 West 97th Street, is a 14-story, 342,500-square-foot building between Columbus Avenue and Central Park West. It contains 247 rental apartments and 11 commercial units, according to city data.

The new mortgage replaces a $51 million Capital One loan from 2014. The new lender, German firm Landesbank Hessen-Thüringen Girozentrale, also known as Helaba, assumed the $46.7 million balance on the property and provided $28.3 million in new financing, according to property records filed with the city Thursday.

The building was once home to the city’s most expensive Airbnb rental. In 2015, an apartment in the complex charged a rate of $10,000 per night ,

Stellar acquired the property for $51 million in 2012. Its other assets in the neighborhood include the Paris at 752 West End Avenue, the Willard at 252 West 76th Street and 50 West 93rd Street. Its latest acquisition is 3420 Broadway, a 57-unit rental property in Hamilton Heights. The firm did not immediately respond to requests for comment.