Invesco Provides $349M Refi for 110 William Street


KBS Capital Advisors and Savanna have landed a $349 million, floating-rate loan from Invesco Real Estate to refinance 110 William Street, Commercial Observer has learned.

Eastdil Secured negotiated the debt on behalf of the borrowers and Invesco Senior Directors Yorick Starr and Bert Crouch led the financing. 

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The 32 story, 928,181-square-foot Class-A office tower is located on the northeast corner of William Street and John Street in the Financial District.

“We are thrilled to partner with KBS and Savanna, two premier sponsors with significant experience and success investing in New York City,” Starr said in prepared remarks. “With a turnaround of under four weeks, this loan is a testament to our relationship and solution-oriented approach that focuses on providing our borrowers with flexible and accretive loan structures. In addition to best-in-class sponsorship, this loan underscores our continued focus on institutional quality assets that are well positioned to benefit from the continued momentum in the revitalization of Downtown Manhattan.”

Savanna and KBS acquired the property in 2014 from Swig Equities and the Dubai Investment Group for $261.5 million. The owners immediately undertook a full renovation of the 1918 office building, and have since signed roughly 400,000 square feet of leases, vastly improving the asset’s cash flow.

“We have spent the past four years undergoing a heavy renovation program to turn 110 William into a Class-A office building,” Andrew Fichte, a managing director at Savanna, said. “We are excited to have found a financing partner in Invesco to provide us the runway to complete this transformation.”

Shep Wainwright, a senior vice president at KBS, added: “As the Downtown Manhattan office leasing market continues to strengthen, we believe 110 William is well positioned to attract the diversity of tenants that are relocating to this area. We worked well with Invesco in structuring the loan to ensure that the joint venture has the necessary capital to meet that demand.”

The loan refinances a $265 million financing package on the property, provided by Morgan Stanley in March 2017 and due to mature this month.

In October 2018, Invesco provided a $250 million refinance for another financial district property; Normandy Real Estate PartnersMeadow Partners and AM Property Holding Corp.’s 80-90 Maiden Lane.