Sky Management signs $70M refi with MF1 Capital for rental in Yorkville

Sky Management through the entity Baby Grand PH, LLC as borrower signed a refinance loan with lender MF1 Capital valued at $70 million for the 140-unit rental (D6) at 515 East 86th Street in Yorkville, Manhattan.
The deal closed on June 11, 2021 and was recorded on June 25, 2021.
The property has 128,651 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $544 per the PincusCo analysis.

The signatory for Sky Management was Benjamin Ohebshalom. The financing includes a $17.5 million gap loan.
(123062078)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 140 residential units on February 5, 2021.
Benjamin Ohebshalom is president of Sky Management. 
Within a 400-foot radius of 515 East 86th, 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 issued on November 18, 2019 for a 79,283-square-foot I-2 building residential units at 1622 York Avenue.
One of those two items was a loan which Solow Realty & Development borrowed $60.5 million from Walker & Dunlop, LLC secured by the 202,322-square-foot, 180-unit rental (D3) on 1658 York Avenue on September 11, 2020.

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