130 Cedar Street—$70 Million
Bank of China (BACHF) provided a $70 million mortgage to borrower Cedar & Washington Associates for its building at 130 Cedar Street in lower Manhattan. The property features 181,297 square feet and is 21 stories tall. The mortgage price per square foot is $386.
130 Cedar Street is located across the street from the World Trade Center site and has gone through renovations and conversions since being damaged in the Sep. 11 attacks. A former office building, it was closed for eight years after the attacks before being converted into twin hotels, with retail space and restaurants.
The owner of the property, according to data from Actovia, is Brack Capital Real Estate, whose other New York City investments have included 15 Union Square West, the James Hotel and the Greystone Hotel.
Last year, in a joint venture with InterContinental Hotels Group, it also acquired 180 Orchard Street for roughly $46 million.
1515 Broadway—$770 Million
In another recent Bank of China transaction, SL Green (SLG) Realty Corp.’s 1515 Broadway is being refinanced with a $770 million first mortgage. Home to Viacom, whose lease there expires in 2015, the building is 56 stories and over 2 million square feet.
The loan was arranged by HFF. SL Green bought the building in 2002 in a joint venture with Canadian pension fund SITQ whose interest there it bought out in 2011. The joint venture paid $483.5 million for the building when it was purchased from Equitable Life.
Recent leases include 7,213 square feet taken by entertainment software company Electronic Arts. The Redwood City, Ca.-based company signed a five year lease for part of the 36th floor.
1 West 39th Street—$210 Million
452 Fifth Owners LLC finalized another large Manhattan-based mortgage deal, securing $210 million for a building at 1 West 39th Street.
The property, which features lofts and offices, includes 123,000 square feet over 12 stories. It is located on the corner of 39th street and Fifth Avenue, just south of Bryant Park. The loan-to-value ratio is 64 percent and the mortgage price per square foot is $1,706.
Israeli lender Bank Leumi provided the financing for owner, the real estate arm of IDB Group, Property and Building Corp. The international investment arm of IDB, Koor Industries, purchased the building with PBC in April 2010, according to the IDB Group Web site.
There were a total of 29 loft-office mortgages in New York City, or about 5 percent of the total mortgages, originated in February 2012, according to data from Actovia.
