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New York

Anbau lands $98M refi for Flatiron House

First Republic Bank provided fixed-rate loan

Anbau chairman Stephen Glascock and 39 West 23rd Street (Anbau, Flatiron House NYC, iStock)
Anbau chairman Stephen Glascock and 39 West 23rd Street (Anbau, Flatiron House NYC, iStock)

Anbau Enterprises has scored a nearly $100 million loan for its Flatiron condominium.

The developer landed a $98 million loan to refinance Flatiron House at 39 West 23rd Street, the Commercial Observer reported. The fixed-rate, full-term, interest-only loan was provided by First Republic Bank.

The financing was arranged by a Meridian Capital Group team including Adam Hakim and James Murad. Anbau and First Republic didn’t respond to a request for comment from the outlet.

The development consists of two towers, encompassing 44 units and 117,000 square feet, as well as a retail unit. Amenities include a central courtyard garden, resident lounge, game room and fitness center.

Anbau filed its plans for the development in 2016 — COOKFOX Architects served as the designer of the project. Anbau purchased the development site, then a parking lot, in 2011. It paid $23.5 million to a representative of Horizen Global.

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In 2019, the developer landed a $139 million loan for construction financing. Bank OZK provided Anbau with a $96 million senior loan, while Goldman Sachs originated $42.6 million in mezzanine debt.

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The project remains under construction, according to Anbau’s website.

In 2018, Anbau bought two adjacent parking garages in Hamilton Heights for $22.5 million, planning to create two condo buildings. Anbau purchased the garages at 620 West 153rd Street from Verizon, which used the garages to store its vehicles. The developer was eyeing a total of 150 units, ranging in price from below $1 million up to $3 million.

First Republic recently provided a $22 million mortgage to an affiliate of Infinity BH Corp., led by Ighal Goldfarb, for the acquisition of 160 condos in Hollywood, Florida. Infinity BH paid $212,000 per unit, $33.9 million in total.

[CO] — Holden Walter-Warner

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Anbau EnterprisesCommercial Real EstateReal Estate Finance