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New York & Tri-State  + Uptown/Bronx  + Finance  |  April 5, 2024
Emily Fu
By: Emily Fu

CL Credit Originates $24M Refi for Bronx Resi 

CL Credit, a debt platform by Castle Lanterra, has closed its first loan in New York City, providing a $24 million refinance for 53 East 177th Street, an 81-unit residential property in The Bronx. The loan will retire the existing senior loan and fund remaining construction costs and lease up reserves. 

“Working closely with the Sponsor, we were able to put a customized refinance package in place that provided much needed capital for the affordable housing project,” said Elie Rieder, CEO and founder of Castle Lanterra. “This transaction is the first of many we have in the pipeline, with many owners, developers and investors experiencing a liquidity crisis due to challenging market conditions in the lending arena.” 

The building, completed in 2023 with its certificate of occupancy in January 2024, comprises mostly affordable units. It features studios, one-bedroom, and two-bedroom apartments, along with ground-floor retail space. 

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Inside The Story

Elie Rieder

About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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