NEW YORK, NY – On behalf of BentallGreenOak and Slate Property Group, Newmark has arranged a $248 million refinancing of The Biltmore, a 464-unit luxury apartment building complemented by 47,397 square feet of commercial space located in New York City’s dynamic Midtown West submarket.
The Newmark team was led by Co-Heads of Newmark Debt & Structured Finance ordan Roeschlaub and Dustin Stolly, along with Senior Managing Directors Nick Scribani and Chris Kramer. Square Mile Capital and Clarion Partners provided the loan.
The recently upgraded asset features a renovated lobby, full floor of upgraded amenities and modernized elevator systems.
“The multifamily market in New York City has been a strong performer despite the headwinds over the past few years and quality assets that offer a mixed-use component remain a top choice for owners,” said Roeschlaub. “We believe that the financing provided by our partners at Square Mile Capital and Clarion will allow for ownership to successfully complete strategic upgrades to this iconic asset,” added Stolly.
The Biltmore was constructed in 2003 and spans 51 tales, featuring stunning views of the city skyline and Hudson River. The 464 apartment units combine upscale finishes with a comprehensive amenity package. Tenant amenities include a 24-hour concierge, fitness center, game room, lounge, movie/TV screening room and roof deck complemented by a 61-space attended parking garage. The commercial space of the property features food and beverage purveyors, convenience-oriented retail, boutique fitness and a medical office.
Ideally situated in New York City’s Midtown West submarket, The Biltmore is favorably positioned in one of Manhattan’s most accessible locations and is conveniently located near Hudson Yards, major Midtown employers, hip restaurants and nightlife destinations, iconic entertainment venues, Columbus Circle, Central Park and Times Square.

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WEST HOLLYWOOD, CA – Olympus Property announced the acquisition of Angelene Apartments, a 179-unit apartment community located in West Hollywood, California. Established in 1992 with a steadfast vision of becoming a leader in the multifamily real estate industry, Olympus Property boasts a wealth of experience and a hands-on approach throughout the investment process. The company’s portfolio represents over 27,000 units under ownership and management. Olympus Property is currently invested in fourteen states.
Angelene Apartments offers a rare generational opportunity to own a mixed-use Class A community in one of Los Angeles’ most highly coveted neighborhoods. Built in 2016, the property is located in the epicenter of the world’s entertainment capital and is within a three-minute walk of over 1.5 million square feet of restaurants, bars, and shops along Melrose Avenue. Residents have incredible access to Los Angeles’ most prominent employment centers including Hollywood/West Hollywood, Beverly Hills, Century City, Culver City, Westwood, Santa Monica, and Downtown LA. The project is anchored by 33,500 sq. ft. of ground floor retail currently occupied by Sprouts Farmers Market, one of the fastest growing national retailers.
The acquisition of Angelene Apartments is an exciting opportunity to own and operate a newer vintage asset in one of the region’s most supply constrained markets. “Angelene will be our first acquisition in the highly sought after West Hollywood market,” notes Chase Bennett, Executive Managing Director at Olympus Property. “It’s an exceptionally built property paired with strong market fundamentals, as well as an extremely limited development pipeline. This asset will continue to make value for our investors and Olympus for years to come.”
This state-of-the-art community distinguishes itself with an extensive hotel-style amenity package including a pool deck and clubhouse overlooking West Hollywood, an abundance of outdoor common areas, and a fully equipped fitness center. Apartment homes feature open living spaces and large windows with well-designed and spacious floorplans in a mix of studio, one-, two-, and three-bedroom configurations. Interiors include a curated list of high-end amenities including stainless-steel appliances, quartz countertops, modern cabinetry, 9 ft. ceilings, full-size stackable washers and dryers, and hardwood-style plank flooring.
Derrek Ostrzyzek, Tom Moran, Rachel Parsons and Mike Murphy of Berkadia Institutional Solutions completed the sale on behalf of the institutional seller. Additionally, Tucker S. Knight of Berkadia’s Houston Texas office arranged acquisition financing through Freddie Mac on behalf of Olympus Property.

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RALEIGH, NC – Legacy Capital Partners, a Cleveland, OH-based national real estate investment firm and Fulton Peak Capital, a Raleigh, NC-based multifamily investment firm, recently bought Water’s Edge Apartments, a 190-unit apartment community in Norfolk, VA.
Water’s Edge was built in 1986 and has benefited from stable, long-term ownership that managed to a high occupancy and took care of maintenance needs at the property. Legacy and Fulton will continue to improve the property with a capital budget that will modernize the interiors of the units with vinyl plank flooring, granite countertops, new fixtures, lighting and vanities, washer/dryers and stainless-steel appliances.
The exteriors and common areas will be updated to enhance appeal and the Joint Venture will be making environmentally friendly upgrades to the property, including LED lighting, smart thermostats, and new showerheads and faucets.
Norfolk is home to the nation’s largest Navy base, a major economic contributor to the region. The property is also located near one of the hospitals in the Sentara Leigh hospital system, which consistently ranks in the top 100 hospitals in the country.
“We’re very pleased to close our second acquisition with the Fulton team and expand our presence into the Hampton Roads market with a partner who currently owns multiple assets there,” said David St. Pierre, Co-Founder and Executive Director at Legacy. “In the current economic climate, we are fortunate to buy an asset like Water’s Edge and we look forward to executing our value-add plot to further enhance the community.”

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