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Stellar Management obtains $75M mortgage for NYC apartment complex

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Stellar Management obtains $75M mortgage for NYC apartment complex

Property owner and operator Stellar Management Inc. obtained a $75 million mortgage for the 14-story, 342,500-square-foot Central Park Gardens apartment complex in New York City, The Real Deal reported, citing city property records.

The property at 28-70 W. 97th St. offers 247 rental apartments and 11 commercial units.

The new mortgage, provided by Germany's Landesbank Hessen-Thüringen Girozentrale, or Helaba, replaces a $51 million loan provided by Capital One in 2014.

Helaba assumed the $46.7 million balance on Central Park Gardens and provided $28.3 million in new financing, according to the report.