Equity Residential signs $48.5M refi loan with PNC Bank for 261-unit rental in Yorkville

Equity Residential through the entity Archstone Camargue LLC as borrower signed a refi loan with lender PNC Bank valued at $48.5 million for the 261-unit residential elevator building (D6) at 303 East 83rd Street in Yorkville, Manhattan.
The deal closed on August 29, 2023 and was recorded on October 6, 2023. The prior lender was New York Life Insurance Company which held debt that had an original loan amount of $48.5 million.
The property has 268,750 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $180 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 signatory for Equity Residential was Claudio Moreno. The signatory for PNC Bank was Tara Suaya.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes James Von Albade, head officer and Tatiana Bond, officer. The business entities are Equity Residential Management, LLC and Archstone Camargue I LLC.

The property

The residential elevator building with 261 residential units in Yorkville has 268,750 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 125 feet and is 153 feet deep with a total lot size of 17,988 square feet. The lot is irregular. The zoning is C1-9 which allows for up to 2 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $74.2 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 10 DOB violations and $5,330 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 11 of the 24 commercial properties representing 372,520 square feet of the 761,758 square feet. The largest owner is Robert Eberhart Real Estate, followed by Norberte Misthopoulos and then Mehran Dayanzadeh.
There are no active new building construction projects on this tax block.

The majority, or 70 percent of the 761,758 square feet of built space are elevator buildings, with walkup buildings next occupying 28 percent of the space.

The borrower

The PincusCo database currently indicates that Equity Residential owned at least eight commercial properties with 1,986 residential units in New York City with 2,024,209 square feet and a city-determined market value of $596.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are elevator properties. The bulk, or 61 percent of the built space, is in Manhattan, with Brooklyn next at 39 percent of the space.

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