Manhattan Investor Secures $104 Million Refinancing

A Manhattan-focused real estate investor obtained the financing for a 233-unit apartment portfolio on the Upper East and Upper West Sides.

Updated on Nov. 11, 2026 in Commercial

Isometric editorial illustration of a stacked cluster of pre-war Manhattan apartment towers with cornice bands in oxblood, teal, mustard, and cream, illustrating a multifamily financing deal. — Citibank provided a $104 million refinancing loan for a 233-unit Manhattan apartment portfolio spanning the Upper East and Upper West Sides, with JLL representing the borrower. AI Illustration. Upload story photo >

A Manhattan-focused real estate investor secured a $104 million refinancing loan from Citibank for a 233-unit portfolio spanning the Upper East and Upper West Sides. The portfolio includes Renoir House and a landmarked 1904 building at 120-125 Riverside Drive.

Why it matters

The deal reflects continued lender confidence in New York City multifamily assets, which posted 3.8 percent year-over-year rent growth against 0.7 percent nationally. Stable occupancy of 98.3 percent as of September supports the financing.

The $104 million refinancing covers 233 residential units, with Renoir House accounting for 151 units and 120-125 Riverside Drive for 82. The stub does not disclose the loan's interest rate or term.

The players

Citibank

Citigroup's banking arm is a major global lender that provided the financing for this portfolio.

JLL

Jones Lang LaSalle is a global commercial real estate services firm that represented the borrower in the transaction.

The details

Citibank provided the financing for the Renoir House and 120-125 Riverside Drive portfolio, and JLL represented the borrower. The owner acquired Renoir House for $45 million in 2024 and has completed a façade restoration at the Riverside Drive property, with approvals for two penthouses totaling about 9,000 square feet.

1904: The 120-125 Riverside Drive building was constructed.
1962: Renoir House was originally developed.
2024: The owner acquired both properties.
2025: Interior upgrades began at most Renoir House residences.
November 11, 2026: The refinancing transaction was reported.

Market Landscape

New York City multifamily rents rose 3.8 percent year over year while the national figure was 0.7 percent, indicating a strong local market for rental apartments. Lenders backing buildings like these are betting that occupancy near 98 percent will persist.

For New York City renters, strong rent growth and high occupancy signal that rental prices in these buildings are likely to stay firm. Tenants in similar portfolios should expect continued interior upgrades rather than immediate changes to their leases.

The takeaway

Strong occupancy and rent growth are drawing lenders into New York City apartment buildings even as national rent growth slows. Renters and investors alike should watch whether this lending momentum holds as market conditions shift.