Market chaos be damned.
BentallGreenOak and Slate Property Group have closed $248 million in financing for The Biltmore, their luxury multifamily tower in Midtown West, Commercial Observer can first report.
Affinius Capital — formerly Square Mile Capital — and Clarion Partners provided the loan, while Newmark’s Jordan Roeschlaub, Dustin Stolly, Nick Scribani and Chris Kramer negotiated the transaction.
The Biltmore — at 271 West 47th Street at the corner of 47th Street and Eighth Avenue — comprises 464 residential units atop 47,397 square feet of commercial space.
BGO — previously known as GreenOak — and Slate acquired The Biltmore in November 2018 from the Jack Parker Corporation, paying $280 million, The Real Deal reported. Since then, the new owners have funneled significant dollars into upgrading its units and common areas and updating its amenity package.
Affinius and Clarion’s refi will fund the completion of the renovation while ownership “executes a near-term renewal of the 421a tax abatement,” according to a release.
“We believe that the financing provided by our partners at Affinius and Clarion will allow for ownership to successfully complete strategic upgrades to this iconic asset,” Stolly said
The financing closed Thursday, during one of the most volatile weeks in recent market history.
“The multifamily market in New York City has been a strong performer despite the headwinds over the past few years, and quality assets that offer a mixed-use component remain a top choice for owners,” Roeschlaub said.
The 51-story building sits at the edge of the Theater District in the heart of Midtown West, with higher floors enjoying views of the Hudson River. Amenities include a catering kitchen, a fitness center and a landscaped roof terrace, and residents can try their hand at pingpong and air hockey in the billiards lounge. The building also includes a 61-space parking garage.
.Square Mile Capital changed its name to Affinius Capital after integrating with USAA Real Estate only a week ago. The two investment platforms have partnered with one another for over a decade, and the combined Affinius brand marks the culmination of that history. Now, Affinius is straight out the gate with one of the biggest New York deals to close of late.
The same Newmark team negotiated the acquisition financing for The Biltmore’s purchase in 2018. At the time, the deal marked BGO and Slate’s second big multifamily transaction in Midtown, the other being Oriana at 420 East 54th Street.
Cathy Cunningham can be reached at ccunningham@commercialobserver.com
Market chaos be damned. BentallGreenOak and Slate Property Group have closed $248 million in financing for The Biltmore, their luxury multifamily tower in Midtown West, Commercial Observer can first report. Affinius Capital — formerly Square Mile Capital — and Clarion Partners provided the loan, while Newmark’s Jordan Roeschlaub, Dustin Stolly, Nick Scribani and Chris KramerRead MoreChannel, Affinius Capital, BentallGreenOak, Chris Kramer, Clarion Partners, Dustin Stolly, Jordan Roeschlaub, Newmark, Nick Scribani, Slate Property Group Commercial Observer Read More
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