Slate Property Group and BentallGreenOak have secured a $390 million loan from Mack Real Estate Credit Strategies to refinance the Oriana at River Tower at 420 East 54th Street, according to Commercial Observer. The Sutton Place residential property spans 445,735 SF, and contains 312 units, plus a 182-space parking garage.
- Financing details: The new loan replaces $285 million in debt provided by Blackstone at the time of the acquisition in 2016.
- Flashback: Slate + GreenOak paid $390 million for the asset, which contains at least 308 free market units. The duo subsequently invested around $60 million to upgrade the building’s apartments, common areas, and outdoor space. [CO]