Carlo Bellini’s 99c Pays $297M to Buy 180 Maiden Lane

Clarion Partners and MHP purchased the 41-story office tower next to the South Street Seaport for $470 million in 2015, property records show. The firms secured a $372 million loan package from ING Capital in 2020 — which refinanced its old loan on the property and added $37.8 million in fresh financing — but found themselves in hot water this year.

Their loan matured last year and, instead of facing a foreclosure, the firms agreed to put the property on the market in January as a short sale, The Real Deal reported.

Eastdil Secured’s Gary Phillips and Will Silverman brokered the deal and did not respond to requests for comment.

The 1.2 million-square-foot glass tower on the East River waterfront is currently 68 percent occupied, according to 99c. Tenants include debt consolidator National Debt Relief, education nonprofit City Year, event marketing platform Splash, insurer Cover Whale, and financial services firm Royal Funding Group.

It marks likely the second piece of New York City real estate Bellini has picked up.

Bellini was previously the president of Quebec-based biomedical company Klox Technologies, according to his LinkedIn profile. In January, he became the managing director of life sciences investment firm Bsquared Capital.

But he began edging into the city’s commercial real estate market two years ago through 99c when the firm dropped $252 million in an all-cash deal to buy the nearby 175 Water Street,  as CO previously reported. 

A spokesperson for 99c said a syndicate of ING provided financing for its latest purchase, but did not disclose the size of the loan.

Spokespeople for Clarion and MHP did not immediately respond to requests for comment. A spokesperson for ING declined to comment.

Abigail Nehring can be reached at anehring@commercialobserver.com.