GreenOak Real Estate and Slate Property Group got a nearly $50 million construction loan for the Upper West Side rental building they are converting into condominiums.
Apollo Global Management provided the $48.7 million loan for the project at 150 West 82nd Street, brokers at JLL who secured the financing for the borrowers told The Real Deal.
JLL’s Aaron Appel, Keith Kurland, Adam and Jonathan Schwartz, Michael Diaz and Patrick Heitmann arranged the financing.
The new loan refinances existing debt on the property and provides GreenOak and Slate with capital for the condo conversion.
Ares Commercial Real Estate, the mortgage arm of private-equity firm Ares Management, had lent $27 million against the property to Joe Sitt’s Thor Equities in 2014 when he purchased the building with GreenOak for $41.5 million.
At 150 West 82nd Street, GreenOak and Slate plan to sell 40 apartments at the 58-unit rental building between Columbus and Amsterdam avenues for a total sellout of $89.96 million.
The developers are waiting for approval from the state attorney general’s office after filing their offering plan in early October.
Apollo, meanwhile, recently lent $300 million to Normandy Real Estate Partners and Columbia Property Trust for their office development in Greenwich Village at 799 Broadway, and participated with Blackstone Group on a $650 million loan to Normandy and L&L Holding Company for their redevelopment of the Terminal Stores warehouse in West Chelsea.