BentallGreenOak, Slate Secure $248M Refi for New York City Apartment Tower
The financing will allow the owners to complete their upgrades.
BentallGreenOak and Slate Property Group have secured a $248 million refinancing of The Biltmore, a 464-unit luxury apartment building that has 47,397 square feet of commercial space located in New York City’s Midtown West submarket. Newmark arranged the loan in an effort led by Co-Heads of Newmark Debt & Structured Finance Jordan Roeschlaub and Dustin Stolly, along with Senior Managing Directors Nick Scribani and Chris Kramer.
Square Mile Capital and Clarion Partners provided the loan.
The recently upgraded asset features a renovated lobby, full floor of amenities and modernized elevator systems.
Roeschlaub said that the financing will allow the owners to complete their upgrades.
The Biltmore was constructed in 2003 and spans 51 stories, featuring views of the city skyline and Hudson River. Tenant amenities include a 24-hour concierge, fitness center, game room, lounge, movie/TV screening room and roof deck complemented by a 61-space attended parking garage. The commercial space of the property features food and beverage purveyors, convenience-oriented retail, boutique fitness and a medical office.