Walker & Dunlop has provided $154 million in Freddie Mac financing against Solow Residential’s Two Sutton Place North at 1113 York Avenue on Manhattan’s Upper East Side.
JP Morgan Chase Bank had provided $50 million and $40 million in loans against the property in June of 2014 and July of 2015, respectively, which have been refinanced and consolidated with an additional $64 million of mortgage debt.
The black glass, 37-story Two Sutton Place North rental tower was completed in 2014 and sits alongside its 42-story sister tower and aptly named predecessor, One Sutton Place North.
Solow Residential, headed by New York real estate mogul and multi-billionaire Sheldon Solow, owns several buildings overlooking the East River on Manhattan’s Upper East Side, including One and Two Sutton Place North, 265E66 and Rivers Bend.
Solow also owns one of the city’s most expensive office buildings, the 50-story office tower at 9 West 57, and he is reportedly planning to build a 550-unit, 700,000 sq ft, 42-story apartment tower at 685 First Avenue.
JP Morgan has a history financing Solow’s properties, having recently (September) provided a $168m loan to refinance the 50-story One East River Place, another of Solow’s Upper East Side apartment towers.
Andy Gnazzo originated the Two Sutton Place North loan out of Walker & Dunlop’s Boston offices, but the lender declined to comment, citing a confidentiality agreement. The borrower did not respond to requests for comment.