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BLDG secures $70M to refi UWS rental building

Invest / Development Finance

United States of America

Mar 06 2017

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Miriam Hall, The Real Deal

Lloyd Goldman’s BLDG Management locked down $70 million to refinance its rental building on Broadway on the Upper West Side.

State Farm Realty Mortgage provided the mortgage for the 26-story property at 2380 Broadway and West 87th Street, according to records filed with the city Monday. The financing includes a new $39.5 million mortgage and replaces an outstanding $40.5 million on a $43 million loan issued by Signature Bank in 2010.

The building at 2380 Broadway has 156 units across 225,00 square feet, according to PropertyShark. The building also six commercial units, two of which are leased to CityMD and Starbucks.

BLDG Management has projects throughout Manhattan. Last month, the firm picked up a two-story commercial building at 7 East 53rd Street for $15.2 million.  In 2016, the company paid $37 million for three walk-ups in Murray Hill.  The firm is also developing a 429-unit building on East 44th Street.

Representatives for BLDG Management and State Farm could not be immediately reached for comment.

State Farm Realty Mortgage, the real estate lending arm of the Illinois-based insurance and financial group, occasionally lends on properties based in New York City. In 2014, it provided a $35 million loan for Rudin Management’s One Battery Park Plaza.

SOURCE: The Real Deal


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