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Report: Stellar, Chetrit obtain $550M loan for 2 NYC apartment towers

Stellar Management and The Chetrit Group secured a $550 million loan to refinance a pair of apartment buildings in New York City's Upper East Side neighborhood, Commercial Observer reported, citing a source familiar with the transaction.

The new fixed-rate loan replaces an existing loan provided by Deutsche Bank worth roughly $425 million.

The buildings being refinanced are the 692-unit, 21-story Yorkshire Towers at 305 E. 86th St. and the 137-unit, 15-story Lexington Towers at 160 E. 88th St.

Natixis and UBS, which provided the loan, did not provide comments on the transaction. Cushman & Wakefield, which arranged the financing for the borrowers, declined to comment beyond the deal announcement.

Comments were also not available from Stellar Management and Chetrit, according to the publication.