Capital One Closes Jamestown’s 88 Leonard Street Refi With $145 Million Bond Purchase
Capital One Municipal Funding purchased $112.5 million in tax-exempt bonds, and Capital One purchased $32.5 million in taxable bonds issued by the New York State Housing Finance Agency to finance the Tribeca property.
Capital One’s Paul Kesicki, a senior vice president in the lender’s Commercial Real Estate Group, led the transaction.
“Increasingly, investors are looking at direct bond purchases as a vehicle for refinancing,” Kesicki said. “We were excited to work closely with HFA to meet the financing needs of our longstanding client Jamestown. As this transaction demonstrates, we have the skills, creativity and capacity to meet the full range of our clients’ needs.”
The Real Deal first reported that Jamestown was in the process of securing the refinance in June.
As CO reported at the time of acquisition, Jamestown acquired the building’s leasehold interest in September 2016 from Waterton Associates for $240 million. It assumed the building’s existing $132 million bond financing in the process.