Argent Ventures signs $124.3M refi loan with Greystone for UWS nursing home

Argent Ventures through the entity 150 Riverside Op. LLC as borrower signed a refi loan with lender Greystone & Co. through the entity Greystone Funding Company LLC valued at $124.3 million for the nursing home building (I6) at 150 Riverside Drive in Upper West Side, Manhattan.
The deal closed on November 26, 2024 and was recorded on December 9, 2024. The prior lender was NewPoint Real Estate Capital which held debt that had an original loan amount of $80.7 million.
The property has 236,300 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $525 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on August 28, 2013, for $66 million. The signatory for Argent Ventures was Andrew S. Penson. The signatory for Greystone & Co. was Lisa Follweiler. The refinancing includes a $58.97 supplemental healthcare mortgage.

The property

The specialty building in Upper West Side has 236,300 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 157 feet deep with a total lot size of 15,811 square feet. The zoning is R10A which allows for up to 10 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Riverside-West End Historic District. The city-designated market value for the property in 2022 is $48.9 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $3,160 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on February 6, 2014. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Upper West Side, The majority, or 59 percent of the 52.9 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 23 percent of the space. In sales, Upper West Side has 3.9 times the average sales volume among other neighborhoods with $986.3 million in sales volume in the last two years and is the 8th highest in Manhattan. For development, Upper West Side has 3 times the average amount of major developments relative to other neighborhoods and is the 8th highest in Manhattan. It had 3.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other specialty buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 13 of the 26 commercial properties representing 294,453 square feet of the 600,611 square feet. The largest owner is William Moses Co., followed by Morris Schreiber and then Empire Hotel Group.
There are no active new building construction projects on this tax block.

The majority, or 39 percent of the 600,611 square feet of built space are specialty buildings, with elevator buildings next occupying 33 percent of the space.

The borrower

The PincusCo database currently indicates that Argent Ventures owned at least one commercial property in New York City with 843,131 square feet and a city-determined market value of $186.8 million. (Market value is typically about 50% of actual value.) The portfolio has $212 million in debt, borrowed from H&R REIT. The portfolio consists of at least a single hotel property. It is located in Manhattan.

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