Mesa West Lends $42M in Savanna’s Chelsea Office Acquisition
Savanna has closed on its deal to buy an office building in Chelsea with the help of a $42 million loan from Mesa West Capital, property records show.
Savanna picked up the building, 48 West 25th Street, for $90 million in a deal that closed last week, according to documents filed today with the New York City Department of Finance.
The New York Post first reported in October that Savanna would buy the building from the Klapper family, heirs to a fortune tied to the Superior Sewing Machine & Supply company.
Tenants at the property, a 12-story building that stands between Fifth Avenue and Avenue of the Americas, include Aesop, a cosmetics company, and Derris, a public relations firm. Superior Sewing has space on the building’s ground floor, according to CoStar Group.
Savanna said it plans to spend an additional $21 million to renovate the building’s lobby, refresh its ground-floor retail space and repair the roof and facades. Spector Group, led by architects Scott Spector and Mark Spector, will supervise the work.
“48 West 25th Street is situated at the epicenter of one of Manhattan’s most exciting neighborhoods, within walking distance of 12 subway lines and close to many amenities including restaurants, hotels, nightlife, shopping and Madison Square Park,” Andrew Kurd, a managing director at Savanna, said in a statement. “This exceptional location, along with our planned capital improvements, will make this property a true standout for a wide range of tenants.”
Morgan Stanley acquired Mesa West, a California-based real estate lender, in the spring. A representative for Mesa West did not immediately respond to inquiries.