BLDG Management refis the Blake on the UES with $65M loan
Principal Real Estate Investors lent on 181-unit rental building
BLDG Management refinanced the Blake – the company’s 181-unit rental building on the Upper East Side – with a $65 million loan from Principal Real Estate Investors.
The landlord secured the 10-year loan to replace $90 million in debt provided by Column Financial in 2007, the Commercial Observer reported. The loan comes with a fixed rate of 4.24 percent with seven years of interest-only payments.
Lloyd Goldman’s BLDG Management [TRDataCustom] bought the 14-story building at 220 East 63rd Street between Second and Third avenues in 2006 for $100 million, property records show.
Meridian Capital Group’s Carol Shelby, who arranged the financing, said “we approached life companies to achieve favorable balance of pricing, term and interest-only payments.”
Earlier this year, BLDG secured $70 million from State Farm Realty Mortgage to refinance its rental building at 2380 Broadway and West 87th Street. [CO] – Rich Bockmann
(To view more financing transactions involving BLDG Management, click here)