Stellar Management borrows $119M from Signature Bank to refi multifamily property in the Upper West Side

Stellar Management through the entity Windermere Owners LLC as borrower signed a loan agreement with lender Signature Bank valued at $119 million for 1 parcel, including the tax class apartment hotels (H6) at 666 West End Avenue in the Upper West Side. The deal closed on April 30, 2020 and was recorded on May 6, 2020.
The property contains a total of 279,316 square feet of built space.
The average loan per buildable square foot is $426.
The financing includes a $14 million gap mortgage. The last time the property sold was November 18, 2010, for $68,467,228.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 355 residential (or hotel) units on February 26, 2014.
Over the past five years, there have been 31 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 $627,000. There were 30 renovation/alteration projects (A2) applied for with a total estimated value of $3,855,700.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link