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Natixis Leads $233M Refi of Midtown Residential Tower

Natixis Corporate & Investment Banking led a $233.3-million floating-rate financing to a joint venture between a global investment firm and Stonehenge Investment to refinance The Ritz Plaza, a 45-story luxury multifamily rental building located at 235 W.48thth St. in Midtown West. The financing was arranged by Lawrence Britvan and Michael Straw from the New York City office of CBRE.

The Ritz Plaza contains 479 residential units and ground-floor commercial space, including La Masseria restaurant. Originally built in 1990, the property has undergone substantial renovations since 2019.

“Our investment in The Ritz Plaza reflects Stonehenge’s conviction in New York City residential real estate and our focus on creating value through disciplined investment and active asset management,” said Ofer Yardeni, chairman and CEO of Stonehenge Investment. “We are pleased to complete this refinancing with Natixis and appreciate the confidence it demonstrates in The Ritz Plaza and the Stonehenge platform.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 19-plus years’ experience covering the commercial real estate industry and 35-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 11-15 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing