John Tashjian’s Centurion Property Investors reached an agreement to refinance a portion of a luxury Upper West Side condo development.
The developer landed a $170 million loan from Macquarie Group for the unsold units at 212 West 72nd Street, according to public records.
The loan covers 58 units, out of 108 total, at the curved-glass corner building.
Centurion bought the building in 2019 and converted the property’s 196 rental units to condos. With the conversion, the company hoped to sell units at roughly $2 million each, and was eyeing a $403 million sellout. Sales launched in 2021.
Centurion purchased the property for about $227 million from TIAA’s real estate investment arm. It initially secured about $204 million in financing for the deal from KKR Real Estate Finance. The refi added about $39 million to the outstanding debt of $131 million.
The building stands at the busy intersection of West 72nd Street and Broadway, with Trader Joe’s a ground floor tenant. It was designed by Handel Architects, and also contains two retail units. It has a roof terrace, fitness center and playroom. Prices for available units range from $985,000 for a studio to $8 million for a four-bedroom unit, according to the sales website.
Centurion could not be reached for comment. The deal was first reported by PincusCo.
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