LoanCore Lends $167M on Chetrit Organization’s One Whitehall Street Buy
The Chetrit Organization has landed $167 million in acquisition financing for its $181.5 million purchase of One Whitehall Street, Commercial Observer has learned.
LoanCore Capital provided the debt — which includes a future funding component— in a transaction negotiated by Cushman & Wakefield’s Gideon Gil, Alex Lapidus, Zachary Kraft and Maya Steinberger.
“This transaction represented a compelling financing opportunity for lenders, given the sponsor’s profile and track record operating Manhattan office properties,” Gil said in prepared remarks. “Lenders were able to understand the intrinsic upside of investing in the property, due to the flourishing downtown office market and the fact that this is the first time the property has traded since its inception. After an extensive marketing process, LoanCore Capital put forth an efficient financing package that catered to the sponsor’s immediate business plan.”
C&W’s Doug Harmon, Adam Spies, Josh King, Adam Doneger, Marcella Fasullo and Kevin Donner arranged the sale of the 21-story Financial District asset, on behalf of seller Rudin Management. The New York Post first reported news of the sale in July.
C&W officials declined to confirm the reported buyer’s identity.
“This was a rare and exceptional downtown offering and a strategic purchase for the private family buyer,” Harmon said in prepared remarks.
The 366,209-square-foot glass and steel mixed-use property sits between Stone and Bridge Streets, across from the U.S. Custom House, with views of the New York Harbor and Battery Park. The building is currently 100 percent occupied. The U.S. Post Office occupies the ground-floor retail space, while notable office tenants include the Regional Plan Association, Topps and — top commercial real estate news publication! — Commercial Observer.
The property is also equipped with smart building technology and has open space fit for the creation of outdoor terraces.
LoanCore officials weren’t immediately available for comment. Officials at The Chetrit Organization could not be reached for comment.