New York & Tri-State + Midtown New York + Finance | March 17, 2023

The ownership of The Biltmore, a 51-story apartment in Manhattan's Midtown West neighborhood, have secured a $248-milion refinancing

Biltmore Apartment Tower Owners Land $248M Refi

Newmark arranged a $248-million refinancing of The Biltmore, a 464-unit luxury apartment building in Manhattan’s Midtown West submarket, for BentallGreenOak and Slate Property Group. Square Mile Capital and Clarion Partners provided the loan.

The Newmark team was led by co-heads of Newmark Debt & Structured Finance Jordan Roeschlaub and Dustin Stolly, along with senior managing directors Nick Scribani and Chris Kramer.

“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,” said Roeschlaub.

Stolly added, “We believe that the financing provided by our partners at Square Mile Capital and Clarion will allow for ownership to successfully complete strategic upgrades to this iconic asset.”

Built in 2003 and located at 271 W. 47th St. the recently renovated 51-story Biltmore also includes 47,397 square feet of ground-floor retail.

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Newmark's RoeschlaubNewmark's Stolly

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-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 15-20 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).