Exclusive Resorts refis 12 condo units with $26.7M from Apollo at Midtown East tower

A member-based vacation club focused on families, Exclusive Resorts, through the entity Real Property 42, LLC as borrower signed a refi loan with lender Apollo Global Management through the entity Acrefi Mortgage Lending, LLC valued at $26.7 million for 12 condominium units at the residential condo building Park Avenue Place at 60 East 55th Street in Midtown East, Manhattan.
The deal closed on March 10, 2023 and was recorded on March 31, 2023. The prior lender was Apollo Global Management which held debt that had an original loan amount of $26.7 million.

The 12 units have 15,218 square feet of combined space according to the PincusCo analysis of city data. The loan price per built square foot is $1,754 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 Exclusive Resorts was Robin Warne. The signatory for Apollo Global Management was Jeffrey Horowitz.

The New York Times reported that members-only travel surged during the pandemic.

Development

For the tax lot buildings, one out of the 12 buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On the tax block of 60 East 55th Street, PincusCo has identified the owners of 12 of the 73 commercial properties representing 654,125 square feet of the 2,433,013 square feet. The largest owner is Qatar Investment Authority, followed by Vornado Realty Trust and then Boston Properties.
There are no active new building construction projects on this tax block.

The majority, or 86 percent of the 2.1 million square feet of built space are office buildings, with retail buildings next occupying 11 percent of the space.

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