Patrinely Group signs $135M refi loan with Barings for 280-unit rental in Hell’s Kitchen

Patrinely Group through the entity Cref 546 West 44th Street, LLC as borrower signed a refi loan with lender Barings through the entity Barings LLC valued at $135 million for the 280-unit residential elevator building (D3) at 546 West 44th Street in Hell’s Kitchen, Manhattan.
The deal closed on December 12, 2025 and was recorded on January 2, 2026. The prior lender was PCCP which held debt that had an original loan amount of $168.5 million. The property has 264,451 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $510 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 December 6, 2012, for $50 million. The signatory for Patrinely Group was Robert P. Fields . The signatory for Barings was Anthony Soldi .

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Donald Thomas, head officer and Naim Taip, site manager. The business entities are Dermot Realty Management Company and Cref 546 West 44th Street, Llc. The 264,451-square-foot property generated revenue of $13.7 million or $52 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 280 residential units in Hell’s Kitchen has 264,451 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 150 feet and is 200 feet deep with a total lot size of 27,615 square feet. The lot is irregular. The zoning is R9 which allows for up to 7.52 times floor area ratio (FAR) for residential with inclusionary housing. The property has a 421A exemption that started in 2018 and expires in 2038. The city-designated market value for the property in 2022 is $83.7 million. The property has 280 rent regulated units according to city tax records from 2024.

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 $100 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on June 3, 2016. 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 eight of the 17 commercial properties representing 667,915 square feet of the 946,851 square feet. The largest owner is Dermot Company, followed by Moinian Group and then Storagemart.
On the tax block, there were two new building construction projects totaling 213,604 square feet. The largest is a 164-unit, 134,939 square-foot residential (R-2) building submitted by Moinian Group and filed by Aron Kirsch with plans filed July 9, 2015 and permitted July 20, 2016. The second largest is a 86-unit, 78,665 square-foot residential (R-2) building submitted by City Builders NYC and filed by Elias Hoffman with plans filed December 2, 2025 and it has not been permitted yet.

The majority, or 50 percent of the 946,851 square feet of built space are elevator buildings, with industrial buildings next occupying 22 percent of the space.

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