Post Brothers Apartments has secured a loan of $183M to refinance its Presidential City apartment complex.
The loan was provided by Starwood Capital Group and brokered by CBRE Capital Markets. It's a three-year loan with two one-year extension options, brokered for the purpose of repaying their previous loan and finishing the four-building project at 3900 City Ave, according to Post Brothers co-founder Matt Pestronk.
The refinancing is another indication that, as banks are growing more hesitant to lend in commercial real estate, private equity is filling in the gaps.
Though not all four buildings are finished, Presidential City already has tenants, and it boasts some of the most impressive amenities of any residential complex in the area, including its exclusive Sora Pool Club.
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