Stellar Management refinances seven-property portfolio with $35.575 million loan from Astoria Bank
Brooklyn, NY Stellar Management has refinanced a seven-property portfolio with a $35.575 million loan from Astoria Bank. The deal includes a five-year term at a sub 3% interest rate.
“We saw a prime opportunity to restructure the financing of these properties and felt the timing was just right to do so,” said Adam Roman, COO of Stellar Management. “An exceptional team helped us pull this deal together, and we’re looking forward to the continued success with these properties.”
The refinanced residential properties include 522 Ocean Ave.; 65 Fort Washington Ave., 4231 Broadway, 504 West 143rd St., 510 West 144th St., and 529 West 179th St. in Upper Manhattan; and 2558 Grand Concourse in the Bronx.
The transaction closed last week, with Tal Bar-Or and Kyle Kite of Meridian Capital brokering the deal.
While this is the first capital market transaction Stellar Management has completed this year, the firm has several others in the pipeline. Additionally, this transaction comes on the heels of $650 million of financing completed in 2015.
All seven properties are situated in prime markets for growth, the buildings’ historic and dynamic neighborhoods feature varied options for dining, shopping, and entertainment. Additionally, they are well-located with access to several public transportation hubs.
For over 30 years, Stellar Management has been one of New York City’s premier owners and operators of residential and commercial real estate. The company places an emphasis on the acquisition of attractive properties, development, and superior property management. With vast experience in each of the five boroughs and Westchester, Stellar owns over two million square feet of office space and nearly 12,000 residential units.
The company invests in emerging or value added real estate projects and renovating and modernizing existing properties to meet the standards of a varied population. With a proven track record, Stellar Management prides itself on its ability to complete complex capital market transactions. In 2015 alone, the company completed more than $600 million in financing.
Relying on decades of experience and a keen understanding of the ever-changing real estate market, Stellar is able to expand its existing portfolio with acquisitions that increase not only investor value, but property, neighborhood, and tenant value as well.