Stellar Management signs $77.5M refi loan with Nuveen for hotel in Upper West Side

Stellar Management through the entity Windermere Owners LLC as borrower signed a refi loan with lender Nuveen through the entity Teachers Insurance And Annuity Association Of valued at $77.5 million for the hotel building (H6) at 666 West End Avenue in Upper West Side, Manhattan.
The deal closed on May 1, 2026 and was recorded on May 7, 2026. The prior lender was Adler & Stachenfeld registered which held debt that had an original loan amount of $95 million.The property has 279,316 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $277 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 owner bought the property on November 18, 2010, for $68.5 million. The signatory for Stellar Management was Adam Roman . The signatory for Nuveen was Grace A. Cole .

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Smajlje Srdanovic, head officer and Arianit Jakupaj, officer. The business entity is Windermere Owners Llc.

The property

The hotel building in Upper West Side has 279,316 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 160 feet deep with a total lot size of 16,050 square feet. The lot is irregular. The zoning is R10A which allows for up to 10 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Riverside-West End Historic District. The city-designated market value for the property in 2022 is $30.7 million. Nuveen on May 1, 2026 bought a loan with an original principal of $95.0M from Adler & Stachenfeld registered signed by Ryan McCaffrey , secured by 666 West End Avenue, when owned by Stellar Management . The property has 190 rent regulated units according to city tax records from 2023.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received two DOB violations, $1,250 in ECB penalties, 37 housing violations, and $1,850 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on February 26, 2014. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Upper West Side, The majority, or 59 percent of the 52.9 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 23 percent of the space. In sales, Upper West Side has 3.2 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the 11th highest in Manhattan. For development, Upper West Side has near average amount of major developments among other neighborhoods and is the 23rd highest in Manhattan. It had 1.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of eight of the eight commercial properties representing 750,303 square feet of the 750,303 square feet. The largest owner is Friedland Properties, followed by Stellar Management and then Lightstone Group.
On the tax block, there was one new building construction project filed totaling 48,935 square feet. It is a 20-unit, 48,935 square-foot residential (R-2) building submitted by Kathleen Urabni with plans filed July 6, 2017 and permitted June 19, 2019.

The majority, or 61 percent of the 750,303 square feet of built space are elevator buildings, with hotel buildings next occupying 37 percent of the space.

The borrower

The PincusCo database currently indicates that Stellar Management owned at least 82 commercial properties with 7,590 residential units in New York City with 10,221,975 square feet and a PincusCo-determined asset value of $4 billion. The portfolio has $3.5 billion in debt, with top three lenders as Goldman Sachs, New York Community Bank, and Deutsche Bank respectively. Within the portfolio, the bulk, or 68 percent of the 10,221,975 square feet of built space are elevator properties, with office properties next occupying 10 percent of the space. The bulk, or 81 percent of the built space, is in Manhattan, with Brooklyn next at 8 percent of the space.

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