Stonehenge NYC Refinances Two Manhattan Properties for $63.5M
New York Community Bank provided the loans for the properties located in Chelsea and the Upper West Side.
NEW YORK CITY—Stonehenge NYC has completed the refinancing of two of its multifamily properties in Manhattan. New York Community Bank provided a loan of $25.5 million for Stonehenge Gardens at 108 W. 15th St. and a loan of $38 million for Stonehenge Tower, with total gross proceeds of $63.5 million. The refinancing will be used to repay existing debt and to acquire new properties.
Ofer Yardeni, chairman and CEO of Stonehenge NYC, commends his firm’s positive, long-term relationship with New York Community Bank.
“This transaction confirms that, notwithstanding the important changes imposed on residential landlords under the new laws, that the market is still open for business,” Yardeni adds. “We plan on being an active participant going forward.”
Built in 1950, Stonehenge Garden is a six-story building with 56 units, across 41,741 square feet. Built in 1963, Stonehenge Tower is a 12-story, 150-unit building totaling 110,547 square feet. Stonehenge NYC has owned and managed both properties since the mid-90s.
Meridian Capital’s Ralph Herzka and Abe Hirsh represented Stonehenge NYC in the transaction.
➤➤ Join the GlobeSt.APARTMENTS (formerly RealShare) conference October 29-30 in Los Angeles. The event will analyze the opportunity in the emerging trends and conditions of the multifamily market. Don’t miss out on joining the 1000+ of the industry’s top owners, investors, developers, brokers and financiers as they gather for THE MULTIFAMILY EVENT OF THE YEAR! Also, be sure to get your nomination in for our multifamily influence feature by July 24th. Click here to register and view the agenda.