CL Credit originates $24m senior loan for refinancing of 53 East 177th St.

Bronx, NY CL Credit (CLC) has completed its first loan in New York City. The platform, which was launched at the end of 2023 by Castle Lanterra (CL), a New York-based national real estate investment firm, originated a $24 million refinance for 53 East 177^th St., a new 81-unit residential property.

The loan proceeds will be used to retire the existing senior loan and fund remaining construction costs and lease up reserves.

“Working closely with the sponsor, we were able to put a customized refinance package in place that provided much needed capital for the affordable housing project,” said Elie Rieder, CEO and founder of CL. “This transaction is the first of many we have in the pipeline, with many owners, developers and investors experiencing a liquidity crisis due to challenging market conditions in the lending arena.”

Completed in 2023, 53 East 177^th received its certificate of occupancy in January 2024. Of the property’s 81 units, 80 are designated as affordable. The building is comprised of 13 studio, 38 one-bedroom and 30 two-bedroom apartments and includes prime retail space on the ground floor.

Formed in 2009 by Elie Rieder, Castle Lanterra (CL) is a privately held real estate investment company focused on repositioning multifamily communities, acquiring quality, new-construction properties and pursuing emerging investment opportunities in strategic growth markets throughout the United States. Through its CL Credit Opportunities platform, headed by James Glasgow, the firm is focusing on the origination and acquisition of mezzanine and preferred equity.