Westbrook signs $200.5M condo inventory loan with Apollo at Belnord in Upper West Side

Westbrook Partners through the entity Belnord Partners LLC as borrower signed a refi loan with lender Apollo Global Management’s Apollo Commercial Real Estate Finance through the entity Acrefi Holdings J-I, LLC valued at $200.5 million for 157 buildings including the property at the Belnord at the 2376 Broadway in Upper West Side, Manhattan.
The deal closed on December 17, 2021 and was recorded on January 18, 2022. The prior lender was HSBC Bank which held debt that had an original loan amount of $206.1 million.
The 157 units have 376,661 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $532 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 Westbrook Partners was Diego Rico.
(103197229)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 222 residential units on September 16, 2016.
There is no new debt. The owner LLC address matches that of Westbrook Partners.
On the tax block, the majority, or 82 percent of the 81,835 square feet of built space are residential elevator buildings, with specialty buildings next occupying 18 percent of the space.
There was a condominium project filed with the address 2360-2376 Broadway and the name Belnord Condominium (the) on April 1, 2016. The principals of the sponsor, Belnord Partners Llc, were Ziel Feldman and Diego Rico. link
Within a 400-foot radius of 2376 Broadway, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on July 29, 2021 for the $520,540 renovation of 4,892-square-foot R-2 building with four residential units at 256 West 88th Street.
One of those three items was a sale which Select Garages bought one condo unit in the 34,800-square-foot, 356-unit mixed-use building (RM) on 2373 Broadway for $13.5 million from Manhattan Skyline Management on October 27, 2021.
One of those three items was a loan which Select Parking borrowed $8.7 million from Signature Bank secured by one condo unit in the 34,800-square-foot, 356-unit mixed-use building (RM) on 2373 Broadway on December 9, 2021.

Direct link to Acris document. link