Citigroup, Deutsche Bank Provide $120M for 111 Livingston Street Refi
Citigroup and Deutsche Bank have provided a $120 million loan to refinance 111 Livingston Street, a 23-story office building in Brooklyn, property records filed with the city today show.
The loan was part of the GE Capital-sponsored GECMC 2007-C1 commercial mortgage-backed securities transaction. The $80 million CMBS note was originated in December 2006 and matured on January 1.
The new debt pays down the existing security and the borrower, Abraham Leser of the Leser Group, cashed out with an additional $40 million in proceeds. The additional proceeds’ use was not immediately clear.
Leser acquired the property in December 1995, according to property records. The 397,650-square-foot office building was constructed in 1970 and its tenants include New York State Workers Compensation Board.
Meridian Capital Group’s Aaron Birnbaum and Carol Shelby negotiated the loan.
Officials at Citigroup, Deutsche Bank and Leser Group did not immediately return requests for comment.