Dealmaker: Newmark Arranges $248M for The Biltmore in New York

(The Biltmore, New York.)

Newmark, New York, arranged $248 million to refinance The Biltmore, a 464-unit apartment building in Manhattan’s Midtown West submarket.

BentallGreenOak and Slate Property Group own the asset, which includes 47,400 square feet of commercial space.

Jordan Roeschlaub and Dustin Stolly, Co-Heads of Newmark Debt & Structured Finance, arranged the financing with Senior Managing Directors Nick Scribani and Chris Kramer. Square Mile Capital and Clarion Partners provided the loan.

The recently upgraded asset features a renovated lobby, a full floor of upgraded amenities and modernized elevator systems. Stolly noted the financing provided by Square Mile Capital and Clarion will allow the owners to complete strategic upgrades to the asset.

“The multifamily market in New York City has been a strong performer despite the headwinds over the past few years and quality assets that offer a mixed-use component remain a top choice for owners,” Roeschlaub said.

The 51-story Biltmore delivered in 2003 not far from Hudson Yards, Columbus Circle, Central Park and Times Square. The commercial space houses food and beverage purveyors, convenience retail, boutique fitness and a medical office.