Gilar Realty, Ranco Capital sign $87M construction loan with BridgeCity for 155-unit project in Murray Hill

Robert Gilardian’s Gilar Realty and Joseph Banda’s Ranco Capital through the entity Third Avenue Pavilion Residences, LLC as borrower signed a new construction loan with lender BridgeCity Capital through the entity BridgeCity Hilltop LLC valued at $82 million in senior debt and $5 million in mezzanine for the approximately 155-unit project at 540 Third Avenue, in Murray Hill, Manhattan.
On the tax block, there is one new building construction project filed totaling 109,668 square feet, through job number 121207942. It is a 155-unit, 22-story residential (R-2) building submitted by Robert Gilardian with plans filed May 6, 2020 and permitted May 3, 2024.
The deal closed on August 16, 2024 and was recorded on September 10, 2024. The prior lender was Safra National Bank which held debt that had an original loan amount of $23.1 million.
The signatory for the developers was Joseph Banda.

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 three DOB violations, $1,250 in ECB penalties, and $7,300 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 six of the 22 commercial properties representing 273,929 square feet of the 388,100 square feet. The largest owner is Solil Management, followed by Marx and then Robert Gilardian.

The majority, or 69 percent of the 388,100 square feet of built space are elevator buildings, with walkup buildings next occupying 20 percent of the space.

The borrower

The PincusCo database currently indicates that Robert Gilardian owned at least 14 commercial properties with 546 residential units in New York City with 545,932 square feet and a city-determined market value of $146 million. (Market value is typically about 50% of actual value.) The portfolio has $246.8 million in debt, with top three lenders as Bank of Montreal, Ladder Capital, and Valley National Bank respectively. Within the portfolio, the bulk, or 74 percent of the 545,932 square feet of built space are elevator properties, with walkup properties next occupying 16 percent of the space. They are all located in Manhattan.

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