Newmark Knight Frank Debt & Structured Finance team secured $23.5 million in refinancing on behalf of Stone Street Properties (SSP) for 16 East 18th Street in Manhattan.
The NKF team was led by Dustin Stolly and Jordan Roeschlaub and included Daniel Fromm and Josh Egert.
“This transaction provides SSP with flexible capital to complete its business plan,” said Stolly.
The property was acquired in 2015 and SSP embarked on a plan to transform the landmarked building into high-end, residential rental units. Each apartment spans a full floor with private elevator access.
The ground-floor retail space is occupied by Paragon Sports under a long-term lease.
“We’re incredibly excited to see our vision through at 16 East 18th Street,” said Jeffrey Kaye, founder & CEO at SSP. “
Fromm added, “After a lengthy cycle characterized predominantly by condo deliveries, there is an underserved market for larger, high-end rental apartments in trendy neighborhoods that also provide easy access to Midtown and Downtown Manhattan. 16 East 18th Street, located in the landmarked Ladies’ Mile historic district, uniquely meets this need.”
Since its inception in 2010 by Jeffrey Kaye, SSP has acquired and managed over $600 million in multifamily properties in New York City comprising more than 1,300 units across 48 assets.