Bridge Investment Group Refis Nolita Multifamily Site With $36M Loan – Commercial Observer

Galil Management has sealed a $35.5 million loan to refinance five contiguous five-story multifamily buildings in Manhattan’s Nolita neighborhood, Commercial Observer has learned.

Bridge Investment Group provided the loan for the properties at 260-268 Elizabeth Street as part of a recapitalization that added Penn South Capital as a new equity partner for $40 million. The five adjacent buildings comprise 48 units and six commercial spaces, including clothing store Still Here at 268 Elizabeth Street. 

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Newmark’s Max Ralby negotiated the financing.

Rosewood Realty Group arranged the recap with a team consisting of Ben Khakshoor, Alex Fuchs and Aaron Jungreis.

The deal closed four and a half years after Prime Finance bought a $40 million note on the buildings that encompass 38,609 square feet and 24,906 square feet of air rights, PincusCo. previously reported. Galil Management, then known as E&A Associates, acquired the buildings for $61.25 million in 2015, according to PincusCo. 

BridgeInvest, Galil Management and Penn South Capital did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.