American Realty Capital New York City REIT (NYCR) has secured a $50-million loan from Société Générale. The 10-year, fixed-rate debt is secured by mortgages on NYCR’s retail condominiums at the Upper East Side’s Laurel apartment tower (pictured), and by a parking garage condominium on the Upper West Side.
The non-listed REIT—not to be confused with onetime sister company New York REIT, which is liquidating—said the 10-year debt fixed at a rate of 4.516% will expand its liquidity position by as much as $47 million of net proceeds. NYCR plans to use the proceeds for acquisitions, capital expenditures and lease-up.
As of March 31, NYCR owned six mixed-use office and retail condo buildings across Manhattan, including 9 Times Square in Midtown.
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).
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