Originations—5 Deals Over $30M
Carl Gaines March 28, 2012, 11:56 a.m.
130 Cedar Street—$70 Million
Bank of China 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 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.
200 East 79th Street—$112 Million
Skyline Developers closed on a $112 million construction loan for a condo building on Manhattan’s Upper East Side. The development site is located at 200 East 79th Street. Once completed, the site will be the location of a 19-story, 45-unit Cetra Ruddy-designed condo, a spokesperson for the firm confirmed to The Mortgage Observer.
The loan was provided by Wells Fargo. Skyline’s other New York City-based condos include 170 East End Avenue, while its rental properties include 37 Wall Street, Post Towers at 75 West Street and 194 East Second Street.
123 West 44th Street—$57 Million
Metropolitan Times Square Associates LLC, a New York-based lessor of real estate, finalized a $57 million mortgage for a multifamily property at 123 W. 44th Street in Manhattan. The deal is listed as having been originated Feb. 15, 2012.
The property, known as AKA Times Square, is located in the heart of the Theater District and includes 115,355 square feet across 122 units on 13 floors. Metropolitan Times Square, which is both the borrower and owner, paid $467,213 per unit and $494 per square foot in the mortgage deal. Residences range from 650 to 1,500 square feet, according to real estate listings. The loan to value ratio of the financing was 70 percent.
Canada-based bank CIBC is the lender. CIBC, which has New York offices at 300 Madison Avenue and 425 Lexington Avenue, recently announced 2012 first quarter net income of $835 million, up from $763 million for the same period last year.
Multifamily/co-op properties accounted for more than half of all mortgage deals in New York City between February 15 and March 15, 2012, according to Actovia data. There were 277 multifamily/co-op mortgage deals, about 53 percent of all deals, during the month-long period.
- 15 Union Square West
- 452 Fifth Owners LLC
- AKA Times Square
- Bank Leumi
- Bank of China
- Brack Capital Real Estate
- Cedar & Washington Associates
- Cetra Ruddy
- Equitable Life
- InterContinental Hotels Group
- James Hotel
- Metropolitan Times Square Associates LLC
- Property and Building Corp.
- Skyline Developers
- SL Green Realty Corp.
- Wells Fargo