Starwood, AB Capstone obtain $51M construction loan from Centennial Bank for Morrisania rental

Starwood Capital and AB Capstone through the entity 425 Westchester Fee Owner, L.L.C. as borrower signed a construction loan agreement with lender Centennial Bank valued at $51 million for 1 parcel, including the tax class licensed parking lot (G6) at 425 Westchester Avenue also known as 601 Bergen Avenue in Morrisania. The deal closed on June 24, 2020 and was recorded on July 30, 2020.

Newmark Knight Frank’s Dustin Stolly, Jordan Roeschlaub, Nick Scribani, Chris Kramer and Drew Ahlers arranged the financing, the Commercial Observer reported. The loan consists of a $47.4 million building loan and a $3.6 million project loan. Nate Bagnaschi of Starwood was the signatory for the borrowers. The last time the property sold was July 12, 2019, for $2,350,489.

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