Newmark arranges $248m refi loan for Biltmore Apartment Tower

On behalf of BentallGreenOak and Slate Property Group, Newmark has arranged a $248 million refinancing of The Biltmore, a 464-unit luxury apartment building complemented by 47,397 square feet of commercial space located in New York City’s Midtown West submarket.

The recently upgraded asset features a renovated lobby, full floor of upgraded amenities and modernized elevator systems.

“The multifamily market in New York City has been a strong performer despite the headwinds over the past few years and quality assets that offer a mixed-use component remain a top choice for owners,” said Jordan Roeschlaub, co-head of Newmark Debt & Structured Finance.

Dustin Stolly, co-head of Newmark Debt & Structured Finance, added, “We believe that the financing provided by our partners at Square Mile Capital and Clarion will allow for ownership to successfully complete strategic upgrades to this iconic asset.”

The Biltmore was constructed in 2003 and spa