Normandy, Meadow and AM Property Land $250M Maiden Lane Refi
Invesco Real Estate provided the debt
By Cathy Cunningham October 4, 2018 6:45 pm
reprints![](https://commercialobserver.com/wp-content/uploads/sites/3/2018/10/80-90-maiden-lane_pictures_9.jpg?quality=80&w=314)
Normandy Real Estate Partners, Meadow Partners and AM Property Holding Corp. have landed a $250 million five-year, floating-rate loan from Invesco Real Estate to refinance 80-90 Maiden Lane, Commercial Observer can first report.
The transaction closed today.
NKF Capital Markets’ Dustin Stolly, Jordan Roeschlaub, Nick Scribani, Chris Kramer and Dylan Kane negotiated the financing on behalf of the property’s sponsorship.
The FiDi office properties—located between Pearl and William Street—sit adjacent to one another and represent a combined 610,000 square feet. Eighty Maiden Lane is a 25-story property built in 1912, while 90 Maiden Lane is a 4-story property erected in 1900.
“The newly-renovated properties at 80-90 Maiden Lane sit in a prime location in the Financial District—in close proximity to major subway lines, the PATH, and ferry services—and are adjacent to One Chase Manhattan Plaza, four blocks from the World Trade Center, and six blocks from the Seaport District,” Travis Feehan, a principal of Normandy Real Estate Partners, said in prepared remarks. “We’re excited to continue executing on our strategy with new leasing initiatives and continued capital improvements, including a full renovation of the retail façade.”
“80-90 Maiden is a very special project for ownership and we’re very pleased to have Invesco as a lending partner for the property’s re-introduction to the market,” Greg Blake, a director of Meadow Partners, added.
The business plan is to reintroduce the newly-modernized Maiden Lane properties to the Downtown Manhattan market, allowing the sponsorship to benefit from a significant mark-to-market opportunity, given the continued leasing strength recently witnessed in the area.
“80-90 Maiden Lane offers substantial upside through new mark-to-market leasing with average in-place office rents [being] over 30 percent below market,” Stolly noted.
The Invesco Real Estate team was led by Senior Director Yorick Starr and Managing Director Bert Crouch.
“With this loan, we are delighted to begin a productive relationship with both AM Property Holdings and Meadow Partners, while at the same time, expanding the previously successful partnership with Normandy Real Estate Partners,” Starr said in prepared remarks.
The loan fits one of the lender’s strategies of targeting attractive, risk-adjusted returns through U.S. commercial real estate loan originations with strong credit profiles, according to information provided to CO.
“We’re excited to be working with an industry-leading lender who also understands the ownership side. We expect this to be the beginning of a long and productive relationship,” Andrew Shields, the CFO of AM Property Holding Corp., said in prepared remarks.
Normandy acquired a controlling stake in the buildings from Joe Chetrit’s Chetrit Group and Read Property Group in 2014 in an off-market transaction. It increased its position in the assets in 2017 in a $54 million deal, as reported at the time by The Real Deal. TRD first reported that Normandy was seeking a refinance for a portfolio of office properties that included the Maiden Lane assets.