Stellar Management signs $117M refi with Nuveen for two rentals in Greenpoint

Stellar Management through the entity Greenpoint Eckford Owner, LLC as borrower signed a refi loan with lender Nuveen through the entity Teachers Insurance And Annuity Association of America valued at $117 million for two rental buildings with a total of 240 residential units including the 197-unit rental at 211 McGuinness Boulevard, and the 43-unit residential elevator building (D1) at 308 Eckford Street in Greenpoint, Brooklyn.
The deal closed on December 19, 2025 and was recorded on January 2, 2026. The prior lender was Flagstar Bank which held debt that had an original loan amount of $118.2 million. The two buildings 238,870 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $489 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Stellar Management was Adam Roman .

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 211 Mcguinness Boulevard.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

For the tax lot buildings, one out of the five buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 211 McGuinness Boulevard, PincusCo has identified the owners of 13 of the 20 commercial properties representing 86,409 square feet of the 108,514 square feet. The largest owner is Stellar Management, followed by Lawrence Lentino and then Carlyle Group.
On the tax block, there were two new building construction projects totaling 115,347 square feet. The largest is a 70-unit, 57,673 square-foot residential (R-2) building submitted by Joel Kohn and filed by Joel Kohn with plans filed February 14, 2022 and permitted December 22, 2023. The second largest is a 70-unit, 57,673 square-foot residential (R-2) building submitted by Jay Group and filed by Joel Kohn with plans filed February 14, 2022 and permitted December 22, 2023.

The majority, or 48 percent of the 108,514 square feet of built space are walkup buildings, with elevator buildings next occupying 34 percent of the space.

The borrower

The PincusCo database currently indicates that Stellar Management owned at least 81 commercial properties with 6,993 residential units in New York City with 9,614,880 square feet and a city-determined market value of $1.5 billion. (Market value is typically about 50% of actual value.) The portfolio has $3.3 billion in debt, with top three lenders as Goldman Sachs, New York Community Bank, and Morgan Stanley respectively. Within the portfolio, the bulk, or 73 percent of the 9,614,880 square feet of built space are elevator properties, with office properties next occupying 11 percent of the space. The bulk, or 86 percent of the built space, is in Manhattan, with Brooklyn next at 6 percent of the space.

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