Ranco and the Gilardians secured a $115 million loan to refinance the 22-story project at 162 East 36th Street, the Commercial Observer reported. Affinius Capital provided the debt, which was arranged by Henry Bodek of Galaxy Capital.
The funding is expected to go towards completing construction – which is expected to be completed this year – and stabilizing the property through rentals.
Ranco did not respond to requests for comment.
The 160-unit project is located at the corner of Third Avenue and East 36th Street. It will include 87 studios, 46 one-bedroom units and 27 two-bedroom units, along with 3,700 square feet of ground-floor retail space.
The developers previously secured an $87 million construction loan from BridgeCity Capital in September 2024 Pincus Codivided between $82 million in senior debt and $5 million in mezzanine debt. The previous lender to this was Safra National Bank, which had debts with an original amount of $23.1 million.
Ranco is run by Joseph Banda and is based in Brooklyn. It made waves in 2023 when it received rezoning approval to clear the way for a rental development at 703 Myrtle Avenue in Brooklyn’s Bedford-Stuyvesant neighborhood. Ranco’s planned mixed-use building would have brought 54 rental units to the block, including 18 affordable to households earning less than 80 percent of the region’s median income.
Ranco sold the site eight months ago to Blue Sky Developers for $10.8 million From Crain.
The Gilardians typically do business under Gilar Realty, which in February 2023 refinanced 237 East 34th Street with 105 units in Murray Hill and 114 West 86th Street with 49 units on the Upper West Side with a $55.75 million loan from the Bank of Montreal. The apartment buildings are co-owned by Alex Forkosh’s Forkosh Development Group.
— Holden Walter Warner
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