Apollo provided the debt
GreenOak Real Estate and Slate Property Group have secured a $48.7 million loan from Apollo Global Management for their condo conversion at 150 West 82nd Street. The Upper West Side building contains 58 apartments (18 are rent stabilized).
Financing breakdown: The new loan refinances a $27 million mortgage provided by Ares Management in 2014, according to GlobeSt. It also provides the duo capital to convert 40 units into condos.
What comes next: GreenOak and Slate plan to sell the 40 residential condos for a total sellout of $89.96 million. The property spans 49,977 SF, and sits between Columbus and Amsterdam Avenues.