March 20, 2017
Ormonde Equity received an $85 million permanent loan to refinance the Ormonde at 2030 Broadway (also known as 154th W. 70th St.) in just three weeks.
That’s a very short time to close a commercial mortgage. A life company lender provided the loan. “All parties involved worked diligently to ensure a smooth loan approval process in order to close within three weeks,” said Jonathan Aghravi, managing director for Eastern Consolidated, which arranged the financing.
It probably helps that the property is well-leased, with just one apartment listed as available on data site StreetEasy: a two-bedroom apartment offered for rent at $6,750 a month. Built in 1899, the 12-story tower includes 133 luxury apartments and eight commercial units, just a few blocks from Lincoln Center on Manhattan’s Upper West Side.
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