JP Morgan Chase Bank has provided a $168m loan to refinance One East River Place, a 50-story residential tower on the Upper East Side of Manhattan.
The 414-unit black and gray glass rental tower owned by Solow Residential, headed by New York real estate mogul and multi-billionaire Sheldon Solow, was last refinanced in September 2006 with a $133m loan from Fannie Mae.
Solow is the owner of several buildings on the East Side of Manhattan, including One and Two Sutton Place North, 265E66 and Rivers Bend. He also owns one of the city’s most expensive office buildings, the 50-story office tower at 9 West 57, and is reportedly planning to build a 550-unit, 700,000 sq ft, 42-story apartment tower at 685 First Avenue.
JP Morgan has poured hundreds-of-millions of dollars into New York City commercial real estate in recent weeks and months. Just last week the bank teamed up with Helaba Bank to provide a $110m loan to Prudential Real Estate Investors for the refinancing of a 24-story, 280,700 sq ft office tower at 180 Madison Avenue on the east side of Manhattan.
In August the bank led a $242.65m financing package to a consortium of New York City hospitals for the development of the The New York Proton Center; the bank teamed up with Fisher Brothers for a $150m bridge financing at a residential tower development at 520 Fifth Avenue; and it provided $105m in first mortgage loans to refinance and take out the previous securitized debt on two Manhattan office properties, at 270 Madison Avenue and 80 Eighth Avenue.