NEW YORK CITY—An investment group headed by Walter & Samuels chairman David Berley has secured $60 million in refinancing for a school building it owns on the Upper West Side.
JLL’s capital markets team, in conjunction with Walter & Samuels, partnered to secure the funding for 227 W. 61st St. The building houses West End Secondary School, a new public middle school. It was formerly home to The New York City Beacon High School. Allegiant Real Estate Capital provided the 10-year, interest only loan.
JLL managing director Dustin Stolly and SVP Brett Rosenberg led the brokerage firm’s team on the financing. Senior executive managing director and principal Peter Weiss led the Walter & Samuels team.
“Walter & Samuels is a full-service real estate company that’s been in business for more than 80 years,” says Weiss. “While we act as mortgage brokers for a large portfolio of commercial buildings in Manhattan, when it came to this property, with the strong single-tenancy of the NYC public school, we saw an opportunity to partner with JLL to reach beyond our normal pool of lenders and capitalize on this tremendous asset.”
“The exceptional sponsorship and credit tenancy at 227 W. 61st St. made this an extremely attractive lending opportunity,” adds Stolly. “This is a critical school location for the city of New York, and it occupies extremely valuable space that benefits from extensive development in the Upper West Side.”
The property is fully occupied by the New York City School Construction Authority. The SCA is currently executing a $20 million capital improvement program that will modernize the school space and upgrade common areas and finishes.
The building benefits from surrounding amenities including Lincoln Center, the American Museum of Natural History and the Metropolitan Opera House. The building is also less than three blocks from the 59th Street-Columbus Circle subway station, a major transportation hub for the Upper West Side.