Prudential Mortgage Capital Company originated a $161.3 million Freddie Mac loan to refinance a New York University dormitory in Tribeca owned by Corigin Real Estate Group, according to the borrower and lender.
The 10-year deal, which closed on Feb. 2, contains a $51.3 million gap mortgage, according to the loan documents. The new debt replaces a $110 million mortgage securitized by Bank of America in 2005.
Corigin Real Estate Group has closed on its purchase of a seven-story Art Deco building at 535 East 80th Street, formerly occupied by the City University of New York, for $61.75, city records confirm.
The firm purchased the building from the Dormitory Authority of the State of New York, according to the city records.
Corigin Real Estate Group’s history indicates that a development project could be in the works at the property, as the firm has built, renovated and/or repositioned at least five student housing facilities in New York City, all of which are leased to New York University.