Newmark Knight Frank’s debt and structured finance team has secured $23.5 million from Dallas-based Revere Capital to refinance Stone Street Properties’ rental building at 16 East 18th Street, Commercial Observer can exclusively report.
The refinance took out roughly $18.5 million in acquisition financing from Arbor Realty Trust, provided in September 2015, according to records filed with the New York City Department of Finance.
“Stone Street Properties has a proven track record in Manhattan, and a sound business plan at [the location],” Jonathan Shapiro, a senior vice president at Revere Capital, told CO in an email. “This was an excellent opportunity to make a good loan while partnering with a highly capable sponsor. [Our firm is] highly opportunistic and has a strong appetite for bridge loans all along the risk spectrum. This includes live-work-play locations like 16 East 18th Street, as well as the more secondary and tertiary market transactions outside of New York City.”