Thor Scores $92M Refi for 180 Livingston Street in DoBro
By Cathy Cunningham November 15, 2019 12:14 pmreprints
Thor Equities Group has landed a $92 million refinance for its office and retail property at 180 Livingston Street in Brooklyn, Commercial Observer has learned.
MetLife provided the loan in a transaction arranged by Cushman & Wakefield‘s Dave Karson, Alex Hernandez, Alex Lapidus and Emily Johansen, sources said.
“We are proud to have successfully leased 180 Livingston to a variety of outstanding tenants and brought value to both the building and dynamic neighborhood,” Joe Sitt, the Chairman of Thor Equities Group, said. “This transaction signifies our belief in the strength of Downtown Brooklyn, and we look forward to what is next for this asset.”
Thor has owned the asset since 2015. The landlord purchased the 267,226-square-foot building from Tabernacle and Treeline Companies for $136 million with the help of a $90 million acquisition loan from TPG Real Estate Finance Trust. The acquisition debt was also arranged by the C&W team.
The property sits between Smith and Hoyt Streets, one block from Fulton Mall, and is almost 100 percent occupied today. Its tenants include the New York City Transit Authority, Helen Keller Services, Brooklyn Defender Services, The New York Foundling Hospital, Tiny Step and Dallas BBQ.
It’s been a busy year of transactions for Thor. In July, the company acquired a 2.2-million-square-foot logistics portfolio in the U.K. for around $300 million, and last month it sold its nearly 200,000-square-foot retail site in Gravesend, Brooklyn, that houses a BJ’s Wholesale Club for $73 million.
Officials at Metlife didn’t immediately respond to a request for comment. Officials at C&W declined to comment.