Stellar Management Closes on $135M Refinancing for The Paris
The Upper West Side luxury apartments were originally constructed as the Hotel Paris in the 1930s.
NEW YORK CITY—Stellar Management has completed a refinancing of The Paris, a luxury rental building located at 752 West End Ave. near W. 97th St. and Riverside Park, in the Upper West Side. The German bank Helaba provided a $125 million loan package, replacing a previous loan from Capital One.
This is the second financing that Stellar Management arranged with Helaba since August 2018. Cushman & Wakefield brokered the deal. The legal representation was provided by Nesenoff & Miltenberg LLP for Stellar Management, and Dentons US LLP for Helaba.
“Refinancing The Paris represents Stellar Management’s dedication to quality and excellence throughout our portfolio,” says Matthew Lembo, chief investment officer and a principal at Stellar Management.
“Following our recent closing of the 50 W. 97th St. loan, we are pleased to have successfully executed the refinancing for this premier residential building,” says Andrew Hastings, SVP of Helaba bank. The 97th Street building, called Central Park Gardens, is also on the Upper West Side near Central Park.
Originally constructed as the Hotel Paris in the 1930s, The Paris New York was converted into a residential rental building. The 24-story, 191,500-square-foot, 168-unit complex is luxury doorman property with a newly renovated, Art Deco lobby. The building management markets the property’s large, open layouts, wide-plank white oak floors, walk-in closets, marble or mosaic tile bathrooms, and custom cabinetry in the kitchens.
Building amenities include a fitness center, children’s playroom, rooftop terrace, storage units and bike racks. A newly renovated pool, operated by the swim school Imagine Swimming, is scheduled to open in early 2019.
Stellar owns and manages city-wide more than 13,000 apartments, nearly two million square feet of office space and 1.3 million square feet of retail. The company’s other projects include 220 Fifth Ave., Independence Plaza, The Windermere, One SoHo Square, Embassy House and OTTO Greenpoint.