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Debt & Equity

Vornado, Stellar close $80M loan for two UWS residential buildings

Vornado Realty Trust and Stellar Management closed $80 million in financing for two Upper West Side residential buildings.

The properties, located at 50 and 70 West 93rd Street, contains a total of 326 apartment units. The deal, which was completed on August 3, was outlined in Vornado’s third quarter earnings summary released today.

Vornado, which has a 49.9 percent ownership interest in the properties, acquired its stake from AREA Property Partners in 2012. Stellar, AREA’s previous partner, retained its ownership in the buildings, which were then valued at over $100 million.

The larger building, 70 West 93rd Street, is a 31-story building with 203 units, according to Streeteasy. Active listings for the property range from $5,954 per month for a three-bedroom unit to $5,037 for a two-bedroom unit. Meanwhile, 50 West 93rd Street is an eight-story building with 124 units. Rental rates in the property range from $2,613 for a studio to $5,495 for a three-bedroom.

The new three-year loan comes with two one-year extensions. It replaces an $18.48 million second mortgage that was scheduled to expire last September.

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