Stellar borrows $113M from New York Community for property in Brooklyn

Stellar Management through the entity McGuinness Development, LLC as borrower signed a loan agreement with lender New York Community Bank valued at $113 million for 5 parcels, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 240 residential units at 308 Eckford Street, 211 McGuinness Boulevard in Greenpoint. The deal closed on December 22, 2020 and was recorded on February 11, 2021.

The average loan per unit is $470,833.
The financing pays down BankUnited debt and includes a $26.8 million gap loan.
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