NEW YORK—An affiliate of East River Partners LLC has received a senior loan from PCCP LLC to acquire and renovate three multifamily buildings located at 272, 274 and 276 West 86th Street on the Upper West Side of Manhattan. Taken together, the properties total 21,500 sq. ft.
Morrison & Foerster LLP represented PCCP LLC. Cooper-Horowitz arranged the financing.
Built in 1909, the properties are situated between Broadway and West End Avenue. Two of the buildings are currently vacant; the third is minimally occupied.
“The opportunity is a good match with our lending appetite, and this loan represents a favorable basis for PCCP in the highly desirable Upper West Side where there is a scarce amount of newer housing product,” said John Randall, senior vice president of PCCP LLC’s New York City office.