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Newmark Arranges $248M Refi Loan for The Iconic Biltmore Apartment Tower
NEW YORK, March 17, 2023 /PRNewswire/ -- On behalf of BentallGreenOak and Slate Property Group, Newmark has arranged a $248 million refinancing of The
About this update from Newmark Group, Inc.
[{"type":"text","content":"NEW YORK, March 17, 2023 /PRNewswire/ -- On behalf of BentallGreenOak and Slate Property Group, Newmark has arranged a $248 million refinancing of The Biltmore, a 464-unit luxury apartment building complemented by 47,397 square feet of commercial space located in New York City's dynamic Midtown West submarket. The Newmark team was 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.\n\n \n \n \n \n \n \n\n \nThe recently upgraded asset features a renovated lobby, full floor of upgraded amenities and modernized elevator systems.\n\"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,\" said Roeschlaub. \"We believe that the financing provided by our partners at Square Mile Capital and Clarion will allow for ownership to successfully complete strategic upgrades to this iconic asset,\" added Stolly.\nThe Biltmore was constructed in 2003 and spans 51 stories, featuring stunning views of the city skyline and Hudson River. The 464 apartment units combine upscale finishes with a comprehensive amenity package. 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.\nIdeally situated in New York City's Midtown West submarket, The Biltmore is favorably positioned in one of Manhattan's most accessible locations and is conveniently located near Hudson Yards, major Midtown employers, hip restaurants and nightlife destinations, iconic entertainment venues, Columbus Circle, Central Park and Times Square.\nAbout BentallGreenOakBentallGreenOak is a leading, global real estate investment management advisor and a globally-recognized provider of real estate services. BentallGreenOak serves the interests of more than 750 institutional clients with approximately $83 billion USD of assets under management (as of December 31, 2022) and expertise in the asset management of office, industrial, mu...