Stellar Management has secured a $105 million Capital One loan for a thirteen-property Manhattan portfolio.
The package includes commercial spaces and over 600 residential units. It covers 11-15 W 123rd Street, 1061-1071 St. Nicholas Avenue, 604 West 162nd Street, 601-609 West 175th Street, 3480-3496 Broadway, and 12 East 32nd Street. The five-year loan was brokered by GCP Capital.
“We had an opportunity to take advantage of attractive capital market conditions to further the success of these buildings,” said Adam Roman, the COO of Stellar. In a statement, the firm said that it refinanced the properties to take advantage of the current interest rate environment.
Stellar has owned the buildings for over 20 years. It will use the funds to upgrade the properties. Planned improvements include lobby and elevator cab renovations and amenity space upgrades.