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Chetrit, Stellar secure $550M to renovate Uptown apartment towers

Cushman & Wakefield announced that it served as the advisor to The Chetrit Family and Stellar Management in arranging $550 million of fixed-rate financing secured by Yorkshire Towers and Lexington Towers.

The financing was provided by affiliates of Natixis Real Estate Capital LLC and UBS AG.

Yorkshire Towers, located at 305-315 East 86th Street on Manhattan’s Upper East Side, is a 692-unit, 21-story apartment building built in 1964.

The building spans the entire eastern block-front of Second Avenue between East 86th Street and East 87th Street, and is strategically located at the entrance of the Second Avenue Subwa.

Built in 1963, Lexington Towers is a 137-unit, 15-story apartment building located on the southeast corner of East 88th Street and Lexington Avenue, just three blocks from Central Park and less than two blocks from the 4, 5 and 6 subway line entrance at East 86th Street and Lexington Avenue.

Newly revitalized from a comprehensive repositioning completed this summer, the properties have re-emerged as pre-eminent luxury rental buildings, with renovated lobbies and common areas, a variety of floor plan layouts and an array of amenities.

Renovated units at the properties feature condominium-quality finishes including walk-in California-style closets, oak floors, designer kitchens with high-end stainless steel appliances, in-unit Bosch washer/dryers, private balconies (at Yorkshire Towers which features 14 corners) and newly installed “high-hat” lighting.

Both properties offer high-demand luxury amenities that are attracting renters: 24-hour doorman, fitness centers, and underground parking with on-site valet.

Yorkshire Towers also has a landscaped courtyard, swimming pool, sauna, storage, children’s playroom and driveway.

A Cushman & Wakefield Equity, Debt and Structured Finance team of Steve Kohn, Alex Hernandez, Alex Lapidus and Noble Carpenter, along with a Capital Markets team of Doug Harmon and Adam Spies, represented the Borrower.

“This is quintessential multi-generational Manhattan real estate. The extensive renovation program undertaken by the ownership has positioned these assets for long-term success in the competitive Manhattan residential market,” said Kohn, President of the group.

Hernandez added, “The combination of a healthy securitization market and a highly-liquid subordinate financing market for such quality assets as these resulted in very attractive terms for this financing.”

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