Nelson, L+M refinance Bronx complex with $90M Citi loan

BY Konrad Putzier • [The Real Deal] – June 16, 2016

Partners plan to build two new towers at Lafayette Towers Nelson Apartments

The Lafayette Towers Nelson Apartments buildings as seen from the air.
Lafayette Towers Nelson Apartments, Bronx, NY

Nelson Management Group’s investment arm Global One Investments and L+M Development Partners refinanced the Lafayette Towers Nelson Apartments complex in the Bronx with a $89.5 million loan from Citi Community Capital.

Jeff Baker and Graham Hobbs of Savills Studley brokered the loan. It replaces a $54.5 million loan from the same lender.

Nelson and L+M bought the 1.07-million-square-foot complex at 875- 825 Boynton Avenue and 820- 880 Colgate Avenue in the Bronx’s Soundview neighborhood in 2011 for $51.5 million. It includes four 19-story towers and 972 apartments.

According to permits filed last July, the partners are planning to build two new 13-story towers at the complex. A spokesperson said the new loan is only on the existing buildings.

L+M is among several partners in an investment group that’s in contract to sell 1,790-unit Savoy Park complex in Harlem to Fairstead Capital for over $300 million. In April, L+M filed plans for a 59-story building with 108 apartments at 23 Park Row.

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