Solow refis two Manhattan rentals with $209.3M from Walker & Dunlop

Sheldon Solow’s Solow Realty & Development refinanced two large rental buildings in Manhattan with $209.3 million in debt originated by Walker & Dunlop in two transactions.

In the first, Solow Realty & Development through the entity Townhouse Company II, LLC as borrower signed a loan agreement with lender Walker & Dunlop, LLC valued at $148.8 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 322 residential units at 1261 Second Avenue in Lenox Hill. The deal closed on August 31, 2020 and was recorded on September 11, 2020. The signatory for the lender was Donna B. Potember.
The property contains a total of 490,652 square feet of built space.
The average loan per unit is $462,112.
Sheldon Solow, the 92-year-old company founder, was the signatory for the borrower. The prior loan totaled $181 million in 2015 and was originated by JPMorgan Chase and then securitized.

Over the past five years, there have been 18 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 18 renovation/alteration projects (A2) applied for with a total estimated value of $2,575,530.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

In the second transaction, Solow Realty & Development through the entity 87th St. Realty Company II, LLC as borrower signed a loan agreement with lender Walker & Dunlop, LLC valued at $60.5 million for 1 parcel, including the tax class multifamily, fireproof (standard construction without stores) (D3) and containing 179 residential units at 1658 York Avenue in Yorkville. The deal closed on August 31, 2020 and was recorded on September 11, 2020.
The property contains a total of 202,322 square feet of built space.
The average loan per unit is $337,989.
The financing includes $6.5 million in new debt.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $637,640.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link