Stellar Management has refinanced a seven-property portfolio with a $35.575 million loan from Astoria Bank.
The deal includes a five-year term at a sub-three percent interest rate.
“We saw a prime opportunity to restructure the financing of these properties and felt the timing was just right to do so,” said Adam Roman, COO of Stellar Management.
“An exceptional team helped us pull this deal together, and we’re looking forward to the continued success with these properties.”
The refinanced residential properties include 522 Ocean Avenue in Brooklyn; 65 Fort Washington Avenue, 4231 Broadway, 504 West 143rd Street, 510 West 144th Street, and 529 West 179th Street in Upper Manhattan; and 2558 Grand Concourse in the Bronx.
Tal Bar-Or and Kyle Kite of Meridian Capital brokered the deal.
While this is the first capital market transaction Stellar Management has completed this year, the firm said it has several others in the pipeline.
Additionally, this transaction comes on the heels of approximately $650 million of financing completed in 2015.