Fortress Investment Group And Slate Property Group Refinance Turtle Bay Multifamily With $26.5M Loan

The asset involved in this transaction is a 65-unit multifamily building located at 340 East 52nd Street in the Turtle Bay market of Manhattan. The property spans a total of 51,338 square feet and has undergone a refinancing to secure a loan amount of $26,500,000.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $26,500,000
• Address: 340 East 52nd Street
• Market: Turtle Bay, Manhattan
• Lender: New York Life Insurance Company
• Landlord: Drew McKnight & Joshua Pack - Fortress Investment Group; Martin Nussbaum & David Schwartz - Slate Property Group
• Previous Debt: $25,200,000 from MetLife
• Loan Type: Refinance

This transaction involved key figures from Fortress Investment Group, represented by Drew McKnight and Joshua Pack, as well as representatives from Slate Property Group, Martin Nussbaum and David Schwartz. The refinancing arrangement with New York Life Insurance Company replaced a prior debt from MetLife, facilitating financial restructuring for the property owners.