First Republic Bank has provided a $52.8 million mortgage on a 12-unit condo in the Upper East Side neighborhood of Manhattan.
The San Francisco-based bank provided the loan to Macklowe Properties on the 11 residential units and one commercial condo unit at 737 Park Avenue, property records show. The developer acquired the 20-story building in 2011 with a $164.5 million mortgage from Talos Capital Limited that Macklowe paid off in December 2014.
The developer reportedly started transforming the 737 Park Avenue building at the corner of East 71st Street into high-end residential condos in 2014. The building was originally built in 1940.
Last month, the bank also provided a $47.5 million loan on the 15 residential condominium units at the nearby Marquand building at 11 East 68th Street. First Republic Bank originated $19.7 billion in loans last year, including $1.46 billion in multifamily loans and $7.6 billion in single-family loans, according to a statement from the bank.
In October 2014, Macklowe Properties completed a 104-unit, 96-story residential tower at 432 Park Avenue between 56th and 57th Streets, the tallest residential tower in Manhattan, with a total of $400 million in financing that Talos Capital Limited provided in October 2012, as Real Estate Capital reported. Macklowe Properties is a New York-based real estate company with aggregate developments that have totaled over 10 million square feet, according to its website.
The bank and developer did not respond to requests for comment in time for publication.