Stellar Management completed a refinancing of The Paris, a luxury rental building located at 752 West End Avenue on the Upper West Side.
The $125 million loan package was financed by Helaba, a leading German bank active in US real estate lending, and replaced a previous loan from Capital One.
The loan marks the second financing between Stellar Management and Helaba since August of this year.
The deal was brokered by Cushman & Wakefield. Stellar Management was represented by Nesenoff & Miltenberg LLP while Helaba Bank was represented by Dentons US LLP.
“Refinancing The Paris represents Stellar Management’s dedication to quality and excellence throughout our portfolio,” said Matthew Lembo, chief investment officer and principal at Stellar Management. “We’re especially excited to have closed another successful financing with Helaba Bank.”
The 191,500 s/f, 168-unit residential building was originally constructed as the Hotel Paris in the 1930s, The building went through a residential renovation and now has a newly renovated, Art Deco-inspired lobby. Designed with large, open layouts, the units include white oak flooring, walk-in closets, bathrooms in marble or mosaic tile, and custom cabinetry in the kitchens.
The 24-story building also features a robust offering of amenities for residents, including a resident fitness center, a children’s playroom, community rooftop terrace, storage units and bike racks.
Additionally, a newly renovated pool is anticipated to open in early 2019, and will be operated by Imagine Swimming, a swim school with 14 locations across Manhattan and Brooklyn that welcomes over 4,000 children a week.
“Following our recent closing of the 50 W 97th Street loan, we are pleased to have successfully executed the refinancing for this premier residential building,” said Andrew Hastings, senior vice president of Helaba Bank.