Nelson Management, L+M sign $105M senior loan with Helaba for rental in Lower East Side

Nelson Management Group and L+M Development Partners through the entity 275 Nelson Apartments LLC as borrower signed a refi loan with lender Helaba through the entity Landesbank Hessen-Thuringen Girozentrale valued at $105 million for the 256-unit rental (D6) at 275 South Street in Lower East Side, Manhattan.
The deal closed on December 1, 2021 and was recorded on December 28, 2021.
The property has 262,875 square feet of built space and 248,734 square feet of additional air rights for a total buildable of 511,800 square feet according to PincusCo analysis of city data. The loan price per built square foot is $399 and the price per buildable square foot is $205 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.)
Nelson and L+M acquired the property in 2015.
The signatory for Nelson Management Group was Robert S. Nelson. The signatory for Helaba was Anne-Marie Francis.
(104136114)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 255 residential units on May 20, 2016.
The owners according to the Department of Housing Preservation and Development includes Christine Chorny, head officer and David Dasilva, officer. The business entity is 275 Nelson Apartments Llc.

Within a 400-foot radius of 275 South Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was in new building development. It was a new building permit application filed on July 28, 2021 for an 848,729-square-foot R-2 building with 1,021 residential units at 259 Clinton Street.
One of those two items was a sale which Related Companies bought the 657,592-square-foot, 492-unit rental (D6) on 265 Cherry Street for $424 million from CIM Group and L+M Development Partners on January 12, 2021.

Direct link to Acris document. link