L+M Development Partners and Nelson Management Group have refinanced 275 South St., a mixed income rental tower in the Two Bridges neighborhood.
According to The Real Deal, the real estate firms have secured a $107.4 million mortgage from Citibank Community Capital.
Back in 2015, L+M and Nelson Management purchased the 19-story tower near Clinton Street for $115 million from the Starrett Corp. At the time, the new owners agreed to maintain half of the 260 apartments as middle income housing. They then, “repositioned the building through common area upgrades, enhanced amenities and apartment renovations.” A 2-bedroom apartment is now being advertised for $4100/month.
Starrett Corp. kept a neighboring development parcel at 259 Clinron St., where it’s planning to build a 62-story tower. Meanwhile, L+M and the CIM Group are aiming to build another massive complex at 260 South St. Both projects are undergoing a review by the City Planning Commission. Residents in the area are fighting the proposals through potential zoning changes and a lawsuit.