Stellar Management announced that it has completed a refinancing of Court Plaza, a recently renovated rental residential building located at 123-33 83rd Avenue in the Kew Gardens neighborhood of Queens.
Court Plaza is the tallest apartment complex in Kew Gardens.
The $34 million loan package was financed by Signature Bank and replaced an existing $32 million loan from Capital One.
The deal was brokered by Alan Perlmutter of GCP Capital Partners. Stellar Management was represented by General Counsel Jeremy Campbell, and Signature Bank was represented by Luman Tucker LLP.
“This was an opportune time to refinance the property given the substantial improvements ownership has made in the building, as well as the state of the broader capital market environment,” said Adam Roman, COO and a principal at Stellar Management.
“We have seen success using a similar strategy with several of our other properties and will continue to ensure our portfolio is maintained at the highest standards.”
John Zieran, Signature Bank’s Managing Group Director and Senior Vice President, said, “Signature Bank and Stellar Management have forged a valued and long-standing relationship over the past 10-plus years, which allows us to work closely together on the financing of many transactions, such as this most recent loan.
“Much of the Bank’s success in the multi-family lending space throughout metro-New York to date is a result of the types of deep relationships with we forge with our clients such as Stellar Management who have built a solid reputation as a well-respected building owner and manager.
“Extending these types of loans affords both parties the opportunity to leverage and expand this important relationship in the future.”
Located at 123-133 83rd Avenue, the recently renovated 32-story building offers residents several amenities, including 24-hour doorman service, an onsite gym and laundry room, and a parking garage. The property is walking distance to the E and F subway lines and the LIRR Kew Gardens stop.