Mack Real Estate Provides $90M Loan in RFR’s Meatpacking Buy
By Cathy Cunningham May 3, 2019 5:26 pm
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Mack Real Estate Credit Strategies has provided a $90 million loan to RFR Holding for its purchase of 875 Washington Street in the Meatpacking District, property records show.
Aby Rosen’s RFR is acquiring the 70,766-square-foot office and retail asset—between West 13th and West 14th Streets—from ASB Real Estate for $129.5 million, as first reported by Crain’s New York. The sale was an off-market transaction.
ASB made the disposition last month on behalf of its Allegiance Real Estate Fund after acquiring the property for $97.6 million in 2012 from Scoop NYC. Thor Equities was previously a partner in the asset, but sold its 40 percent stake to ASB in 2017.
RFR intends to lease the five-story building’s 53,000-square-foot office portion to Soho Works, a coworking network operated by members-only club Soho House, Crain’s reported.
The purchase comes hot on the heels of RFR’s much-talked-about $150 million acquisition of the Chrysler Building. Mack Real Estate also helped to finance that transaction, providing a $67 million mortgage in the deal, sources told CO.
Officials at Mack and RFR could not immediately be reached for comment.
