Solow borrows $110M from Walker & Dunlop for rental in Lenox Hill, 3rd large loan in month

Sheldon Solow’s Solow Realty & Development through the entity 60th Street Development II LLC as borrower signed a loan agreement with lender Walker & Dunlop LLC valued at $110.1 million for 1 parcel, including the tax class multifamily, luxury type (D8) and containing 234 residential units at 421 East 60th Street in Lenox Hill. The deal closed on August 31, 2020 and was recorded on September 15, 2020.
The property contains a total of 307,000 square feet of built space.
The average loan per unit is $470,513.
The package refinances $97 million loan given by JPMorgan Chase in 2015 that was securitized, and adds a $13.1 million gap loan. The new debt was assigned to Freddie Mac.
The other two Solow loans originated by Walker & Dunlop totaled $209.3 million.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 234 residential (or hotel) units on September 27, 2012.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $60,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
The signatory for the buyer or lender was Donna B. Potember