Ranco Capital and the Gilardian family are approaching the checkered flag on a luxury rental development in Murray Hill, securing a nine-figure loan to push the development across the finish line.
Ranco and the Gilardians landed a $115 million loan to refinance the 22-story project at 162 East 36th Street, the Commercial Observer reported. Affinius Capital provided the debt, which was arranged by Galaxy Capital’s Henry Bodek.
The financing is expected to go towards completing construction — which is anticipated to wrap this year — and stabilizing the property through lease-up.
Ranco did not respond to requests for comment.
The 160-unit project sits on the corner of Third Avenue and East 36th Street. It will include 87 studios, 46 one-bedrooms and 27 two-bedroom units, along with 3,700 square feet of retail space on the ground floor.
The developers previously scored an $87 million construction loan from BridgeCity Capital in September 2024, according to PincusCo, split between $82 million in senior debt and $5 million in mezzanine debt. The prior lender to that was Safra National Bank, which held debt with an original amount of $23.1 million.
Run by Joseph Banda, Ranco is based in Brooklyn. It made waves in 2023 when it received rezoning approval to pave the way for a rental development at 703 Myrtle Avenue in Brooklyn’s Bedford-Stuyvesant neighborhood. Ranco’s planned mixed-use building would’ve brought 54 rental units to the block, including 18 affordable to households earning less than 80 percent of the area median income.
Ranco sold the site to Blue Sky Developers eight months ago for $10.8 million, according to Crain’s.
The Gilardians typically do business under Gilar Realty, which refinanced 237 East 34th Street with 105 units in Murray Hill and 114 West 86th Street with 49 units on the Upper West Side with a $55.75 million loan from Bank of Montreal in February 2023. The apartment buildings are co-owned by Alex Forkosh’s Forkosh Development Group.
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