Slate Property Group, BentallGreenOak borrow $285M from Mack Real Estate for multifamily property in Midtown East

Slate Property Group and BentallGreenOak through the entity River Tower Owner, LLC as borrower signed a loan agreement with lender Mack Real Estate Credit Strategies through the entity CMTG Lender 54 LLC valued at $285 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 394 residential units at 420 East 54th Street in Midtown East. The deal closed on November 1, 2019 and was recorded on December 2, 2019.
The property contains a total of 445,735 square feet of built space.
The average loan per unit is $723,350.
The total value of the refinance at the Oriana at River Tower was $390 million, according to the Commercial Observer. Meridian Capital Group’s Ronnie Levine and Thomas Wayda brokered the financing. The prior debt was provided by Blackstone Group, which totaled $285 million. The last time the property sold was January 28, 2016, for $390,000,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 394 residential (or hotel) units on May 1, 2019.
Over the past five years, there have been 20 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $20,000,000. Those filings sought to increase the number of residential units by 71 to 394 There were 19 renovation/alteration projects (A2) applied for with a total estimated value of $18,954,392.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link