NEW YORK CITY — Newmark has arranged the $248 million refinancing of The Biltmore, a 51-story apartment tower in Manhattan’s Midtown West neighborhood. The borrower was a partnership between institutional investment firm BentallGreenOak and locally based developer Slate Property Group.
Built in 2003, The Biltmore consists of 464 apartments and 47,397 square feet of commercial space. Units feature studio, one- and two-bedroom floor plans with quartz countertops, custom cabinetry and individual washers and dryers.
Amenities include a fitness center with a yoga studio; rooftop terrace with entertainment areas; library with private conference rooms; communal dining room; and a game lounge.
The Biltmore’s commercial space houses an array of food and beverage purveyors, convenience-oriented retailers, boutique fitness concepts and a medical office user.
The property recently underwent a renovation that upgraded the lobby, amenity spaces and elevator systems. Ownership plans to use a portion of the newly issued proceeds to fund further capital improvements.
Jordan Roeschlaub, Dustin Stolly, Nick Scribani and Chris Kramer of Newmark arranged the financing through two New York City-based firms, Square Mile Capital and Clarion Partners.
“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,” says Roeschlaub.
— Taylor Williams