Morgan Stanley Lends Nearly $100M To Finance UWS Building: Report

UPPER WEST SIDE, NY — Morgan Stanley, the massive investment bank and financial services company based in Midtown Manhattan, is making money moves on the Upper West Side.

The bank recently dished out $95 million in funds to refinance a mixed-use building on the Upper West Side, according to the Commercial Observer.

Specifically, the real estate publication reported that Morgan Stanely provided a 10-year, "interest-only loan that features a fixed rate of 3.55 percent for 261-275 Amsterdam Avenue."

The 12-story building between 72nd and 73rd Streets was constructed in 1905 and currently has 134 property units. Three of its tenants already include Chipotle, Capital One, and the Utopia Restaurant.

Refinancing a property means that the owners are trading in their old mortgage for a new one that the bank, Morgan Stanely in this case, will pay off with the new mortgage.

Black Bear Capital Partners, Eastgold Holdings, and Laub Realty were the other three companies involved in the deal, according to the Commerical Observer.

“We are pleased to place this long-term, a ten-year fixed-rate interest-only loan through our strategic relationship with Morgan Stanley,” Manz, of Black Bear Capital Partners, said in a statement to the Commerical Observer. “Morgan Stanley quickly recognized the strength of borrower’s management capabilities, pride of ownership, and long-term tenancy on a trophy asset in a AAA location, closing the loan in a smooth and efficient manner on an expedited basis.”

It's unclear if any changes to the property or new businesses in the space will come along with the new financing.