PCCP Provides $32.7M Loan for Refinancing of Leasehold Interest of Manhattan Apartment Building
NEW YORK CITY — Los Angeles-based PCCP LLC has provided a $32.7 million loan for the refinancing of the leasehold interest of Renoir House, a 151-unit apartment building located at 225 E. 63rd St. on Manhattan’s Upper East Side. An investment fund sponsored by San Francisco-based Carmel Partners acquired the leasehold interest in the property, which was built in 1962, in November 2011. Since that time, the firm has upgraded the property by renovating units, installing and improving amenity spaces and modernizing common areas. Specific loan terms were not disclosed.