BentallGreenOak and Slate Property Group closed on a quarter-billion-dollar loan amid last week’s chaotic market environment to complete renovations at the Biltmore multifamily project.
The developers scored a $248 million loan for the property at 271 West 47th Street in Manhattan, the Commercial Observer reported. The refinancing will fund renovations that have been ongoing at the 464-unit property since the partners acquired it in November 2018 for $280 million.
Clarion Partners and Affinius Capital — known as Square Mile Capital until integrating with USAA Real Estate one week ago — provided the loan for the 51-story building in Midtown West, located on the edge of the Theater District. A Newmark team including Jordan Roeschlaub and Dustin Stolly arranged the transaction.
Ownership is also executing a “near-term renewal” on its 421a tax abatement, an affordable housing tax break that lapsed last year, chopping down multifamily development.
BGO and Slate acquired the rental tower in 2018 from the Jack Parker Corporation before embarking on a renovation. The new owners upgraded units and common areas, as well as the amenities, which include a catering kitchen, fitness center, billiards lounge and landscaped roof terrace.
In addition to its hundreds of residential units, the property also has more than 47,000 square feet of commercial space.
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The financing closed during a hectic week, which saw two banks fail, including Signature Bank, a top lender in New York multifamily. In a release on the financing, Roeschlaub pointed towards the multifamily market’s strong performance in New York City in recent years.
BGO and Slate have previously teamed up elsewhere in the city’s multifamily market. In 2016, the companies combined on the $390 million purchase of the RiverTower rental building at 420 East 54th Street.
— Holden Walter-Warner