Stellar Management, along with its partner Argent Ventures, has completed a refinancing at The Willard at 252 West 76th Street.
The $25 million loan package was arranged with New York Community Bank (NYCB). Meridian Capital Group brokered the deal.
Stellar Management was represented by Paula Katz of Gluck & Katz. New York Community Bank was represented by Farber, Rosen & Kaufman P.C.
“It was an opportune to time to get stabilized financing at The Willard having just completed an extensive capital improvement and lease-up program.” said Adam Roman, Chief Operating Officer and a principal at Stellar Management. “An exceptional construction and asset management team worked together to execute on this deal. We look forward to continued success at The Willard.”
Located at 252 West 76th Street, The Willard is a collection of luxury residences within classic Beaux Arts architecture.
Purchased in 2013, this pre-war elevator building has 53 units featuring coffered ceilings, crown moldings, white oak hardwood floors and in-unit Bosch water/dryers.
The building recently underwent a significant redesign to include a completely renovated lobby, corridors, and amenity spaces, including the gym, fitness room, children’s playroom and private storage facility.
“The Willard is a one-of-a-kind property that blends modern amenities and beautiful pre-war details in a highly desirable location, which NYCB quickly recognized and presented our partnership with an attractive loan,” said Argent Ventures CEO Mark Teitelbaum. “We enjoyed working with NYCB and our partner Stellar on this transaction.”
Formerly named The Willard Hotel, the 11-story boutique building is part of Stellar Management’s 2,000-unit New York portfolio.