ESRT Lands $50M Life Company Loan on 10 Union Square East
By Danielle Balbi April 28, 2016 11:34 amreprints
Empire State Realty Trust received a $50 million mortgage from MetLife to refinance 10 Union Square East, the company confirmed to Commercial Observer.
The financing, which closed on March 24, carries a 10-year loan with a reduced interest rate of 3.7 percent, down from 6 percent, according to the real estate investment trust’s first-quarter earnings report which was released yesterday. It was not immediately clear who the original lender on the property was.
The collateral is a 58,005-square-foot, fully leased retail condominium on Union Square East between East 14th and East 15th Streets. It is part of Zeckendorf Towers, a mixed-use development that has 670 residential condo units, a 350-seat not-for-profit theater and a 198-space parking garage.
Tenants at 10 Union Square East include Starbucks Coffee, Panera Bread, Food Emporium and Best Buy. The property sits on the east side of Union Square Park and immediately above an entrance to the Union Square subway station.
A representative for MetLife did not immediately respond to a request for comment.
With additional reporting provided by Lauren Elkies Schram.