Manhattan, NY Newmark Knight Frank’s Debt & Structured Finance team has secured $23.5 million in refinancing on behalf of Stone Street Properties (SSP) for 16 East 18th St. The NKF team was led by vice chairmen Dustin Stolly and Jordan Roeschlaub and included senior managing director Daniel Fromm and associate director Josh Egert.
“This transaction provides SSP with flexible capital to complete its business plan,” said Stolly.
The property was acquired in 2015 and SSP embarked on a value-add business plan to transform the landmarked building into high-end, residential rental units. Each apartment spans a full floor with private elevator access. The ground-floor retail space is occupied by Paragon Sports under a long-term lease.
“We’re incredibly excited to see our vision through at 16 East 18th St.,” said Jeffrey Kaye, founder & CEO at SSP. “We see this property as offering residents the best of the professional and cultural worlds that Manhattan has to offer.”
Fromm said, “After a lengthy cycle characterized predominantly by condo deliveries, there is an underserved market for larger, high-end rental apartments in trendy neighborhoods that also provide easy access to Midtown and Downtown Manhattan. 16 East 18th Street, located in the landmarked Ladies’ Mile historic district, uniquely meets this need.”
SSP is a vertically integrated real estate investment and operating firm focused on the acquisition, redevelopment and management of multifamily apartment buildings in New York City. It is a full-service firm with in-house teams dedicated to all phases of a project’s lifecycle, including acquisition and project execution, property management, marketing and leasing, accounting and reporting, asset management and capital markets. Since its inception in 2010 by Jeffrey Kaye, SSP has acquired and managed over $600 million in multifamily properties in New York City comprising more than 1,300 units across 48 assets.