Natixis Corporate & Investment Banking Leads $233.3 Million Refinancing of Stonehenge Investment's Ritz Plaza in Midtown West
Natixis Corporate & Investment Banking (Natixis CIB) led a $233.3 million floating-rate refinancing for The Ritz Plaza, a 45-story luxury multifamily rental building at 235 West 48th Street in New York City's Midtown West neighborhood, the firm announced Nov. 12. The borrower is a joint venture between a global investment firm and Stonehenge Investment.
The financing was arranged by Lawrence Britvan and Michael Straw from the New York City office of CBRE.
Natixis CIB Refinancing: Deal Overview
The $233.3 million loan carries a floating rate. Natixis CIB led the financing for the joint venture, which includes Stonehenge Investment and a global investment firm. The transaction is a refinancing rather than a sale, and no change in ownership was announced.
The loan equates to roughly $491 per square foot of building area and about $487,100 per residential unit, based on the property's approximately 475,327 square feet and 479 apartments. Those figures measure the loan against building size and unit count and do not represent a sale price or valuation.
Natixis said the refinancing follows Stonehenge's continued investment in The Ritz Plaza and reflects the firm's strategy of combining institutional investment management with a hands-on, integrated approach to residential properties.
The Ritz Plaza at 235 West 48th Street
The Ritz Plaza contains 479 residential units and ground-floor commercial space, including La Masseria restaurant. The building was originally constructed in 1990 and has undergone substantial renovations since 2019. It sits on a single-building site in Midtown West, in ZIP code 10036.
The property totals approximately 475,327 square feet, including about 411,195 square feet of residential area and 64,132 square feet of commercial area. Residential space accounts for roughly 86.5% of the building's area and commercial space for about 13.5%.
Amenities include a fitness center, a residents' lounge, a rooftop sundeck and on-site parking operated by a third party. The residences are described as condo-quality following the renovation program.
Executive Comments from Stonehenge Investment and Natixis CIB
"Our investment in The Ritz Plaza reflects Stonehenge's conviction in New York City residential real estate and our focus on creating value through disciplined investment and active asset management," said Ofer Yardeni, Chairman and Chief Executive Officer of Stonehenge Investment. "We are pleased to complete this refinancing with Natixis and appreciate the confidence it demonstrates in The Ritz Plaza and the Stonehenge platform."
Precilla Torres, Head of Real Estate & Hospitality, Americas at Natixis CIB, said the bank was pleased to be awarded the financing "given the high quality of the asset and the exceptional caliber sponsorship provided by Stonehenge Investment and their partner." Torres added: "It was a privilege to work with the team, and we look forward to supporting them as they grow their platform."
Market Context: Floating-Rate Debt and New York Multifamily
The refinancing allows the ownership group to recapitalize a large, centrally located rental asset following a multiyear renovation program while retaining exposure to New York City's residential market. The floating-rate structure may offer flexibility for an institutional borrower, but it also leaves the property exposed to benchmark-rate movements.
Midtown West is a Manhattan submarket with access to office, entertainment, hospitality and transportation demand drivers. The Ritz Plaza's unit count and mixed residential-commercial footprint give it institutional scale, and the renovation program is intended to support premium rents and resident retention. Cash flow is driven primarily by the apartments, with supplemental income from ground-floor retail and parking.
The transaction also reflects the role of sponsorship and asset quality in New York multifamily lending, as Natixis cited both the property's quality and the caliber of Stonehenge and its partner in announcing the deal.
About the Lender
Natixis Corporate & Investment Banking provides advisory, investment banking, financing, corporate banking and capital markets services to corporations, financial institutions, financial sponsors and sovereign and supranational organizations, with teams in about 30 countries. It is part of Groupe BPCE, the second-largest banking group in France.
Sources
Natixis Corporate & Investment Banking press release via PR Newswire: https://www.prnewswire.com/news-releases/natixis-corporate--investment-banking-provides-233-3-million-to-refinance-midtown-west-multifamily-property-302938260.html