Ullico Lends $50M on HNA Holdings’ Iconic UES Buy
Cathy Cunningham April 7, 2017, 8:45 a.m.
Ullico has provided a $50 million fixed-rate first mortgage to an affiliate of HNA Holdings’ purchase of 19 East 64th Street. The iconic property will be used as corporate office space, sources told Commercial Observer.
As The Real Deal reported on Wednesday, art heir David Wildenstein sold the trophy asset to HNA for a record-breaking $79.5 million.
The 18,860-square-foot property, located between Madison and Fifth Avenues, first opened its doors as the Wildensteins’ art gallery and office in 1932. The building boasts 20 foot ceilings and an elevator that serves each floor. On the third floor, a paneled salon that once was in Charles Maurice de Talleyrand-Périgord’s 18th century townhouse has been reassembled as an executive office, according to PropertyShark.
Ullico’s Matthew Downs, regional vice president, and Herbert Kolben, senior vice president of the real estate investment group, led the financing, sources said. The lender has been busy in the permanent financing market this year, having closed first mortgages in New York, Virginia and Colorado.
Cooper-Horowitz arranged the debt.
Representatives for Ullico declined to comment. Representatives for HNA Holdings did not immediately return a request for comment. Officials at Cooper-Horowitz could not immediately be reached.