Stellar Pulls $13.5M Out in a $72M Truist Refi of a Bronx Rental

A 197-unit rental at 580 Gerard Avenue in the Bronx’s Concourse has refinanced out of its construction debt. Truist Bank recorded a $72,000,000 loan on August 17, 2026, a $13,548,807.87 new mortgage consolidated with the existing balance, with three prior mortgages released days earlier. The borrower of record is SB Gerard Avenue LLC, but the firm behind it is Stellar Management, not the sponsor whose initials remain in the name.

Why it matters

A Bronx 421a rental finished in 2022 just termed out of a $64,000,000 construction loan into $72,000,000 of bank debt, taking roughly $13.5M of new proceeds out. That is a stabilized asset clearing above its construction facility, in the Bronx, the comparable an operator underwriting a Concourse deal needs.

The second half only shows up in the records: the name on the loan is three owners out of date. Anyone searching “SB Gerard” would credit Silverback Acquisitions and Development, which formed the entity and bought the site in 2020. Where the registry does not disclose LLC members, the mailing address inside one unchanged LLC name is often the only public trail of a change in control, and any reader can run it.

The numbers

Across all 25 ACRIS party rows for the entity, joined to the master dates, the trail runs: c/o Silverback, 40 West 57th Street, on the September 2020 deed and a $16,900,000 purchase from an Emmes affiliate. Then c/o Alcova Capital Management, 570 Lexington Avenue, from the November 2021 consolidation of $17,000,000 plus $4,100,000 through a September 2022 $17,000,000 mortgage. Then c/o Stellar Management, 44 West 28th Street, from July 2023 forward, including the September 2023 Customers Bank construction loan of $35,739,990 plus $11,260,010 plus the $17,000,000 rolled in, exactly $64,000,000, and every 2026 Truist document.

The trail is not perfectly clean: a May 2024 easement, document 2024062800170001, carried the Silverback address, and a January 2025 filing used the building’s own address at 586 Gerard Avenue. An easement party block is often stale boilerplate, so neither breaks the chain.

At $72,000,000 across 197 apartments, the debt runs about $365,000 per unit, sits $8,000,000 above the construction facility, and implies a prior outstanding balance near $58.45M.

What’s next

The building is class D7, 158,893 sq ft on a 31,200 sq ft R7A lot, nine floors, built in 2022, with a 5.09 built FAR against a 4.0 residential limit carried by 421a and community facility space. Trade press reports roughly 59 affordable and 140 market-rate units and names Karten Organization as a partner, though Karten does not appear in the ACRIS record for this lot.

See our coverage of the $136M of debt placed on 14.7 Bronx waterfront acres and the New York market.