Related Companies signs $75M refi for Roosevelt Island rentals
Related Companies through the entity Riverwalk 6, LLC as borrower signed a refi loan with a lender in care of Lionheart Strategic Management, GDF 405 Main LLC, valued at $75 million for three properties with 242 residential units including the 155-unit rental condo at 405 Main Street in Roosevelt Island, Manhattan, 87-unit rental condo at 405 Main Street in Roosevelt Island, Manhattan, and retail condo at 405 Main Street in Roosevelt Island, Manhattan.
The deal closed on March 21, 2025 and was recorded on April 1, 2025. The prior lender was U.S. Bank which held debt that had an original loan amount of $78 million.The three properties have 212,021 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $353 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 Related Companies was Chad Jones. The signatory for the Lionheart Strategic Management registered entity was Jeongah Hyeon.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations 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 the tax block of 405 Main Street, PincusCo has identified the owners of four of the 13 commercial properties representing 1,202,081 square feet of the 2,403,876 square feet. The largest owner is L+M Development Partners, followed by Related Companies and then Aj Capital Partners.
On the tax block, there were four new building construction projects totaling 494,691 square feet. The largest is a 365-unit, 268,800 square-foot residential (R-2) building submitted by Related Companies and filed by Jamar Adams with plans filed September 4, 2019 and permitted March 29, 2023. The second largest is a 188,603 square-foot business (B) building submitted by NYC Economic Development Corporation and filed by Richard Cote with plans filed December 30, 2014 and permitted April 28, 2015.
The majority, or 59 percent of the 2.4 million square feet of built space are elevator buildings, with specialty buildings next occupying 35 percent of the space.
The borrower
The PincusCo database currently indicates that Related Companies owned at least 171 commercial properties with 10,346 residential units in New York City with 22,470,863 square feet and a city-determined market value of $6.2 billion. (Market value is typically about 50% of actual value.) The portfolio has $5.6 billion in debt, with top three lenders as Wells Fargo, Bank of America, and Pacific Life Insurance Company respectively. Within the portfolio, the bulk, or 42 percent of the 22,470,863 square feet of built space are elevator properties, with office properties next occupying 31 percent of the space. The bulk, or 60 percent of the built space, is in Manhattan, with Bronx next at 22 percent of the space.
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