32 Old Slip Lands $167M Ground Lease Refi

A joint venture between Safehold and Melohn Capital secured a $167 million debt package to refinance the leased fee interest in a Lower Manhattan office building’s ground lease, Commercial Observer has learned.

Goldman Sachs, Barclays and Morgan Stanley provided the financing for the land beneath the 36-story 32 Old Slip. 

The long-term ground lease dates back to  when RXR acquired the property in 2015, sources told CO. 

Newmark arranged the transaction with a team consisting of Jordan Roeschlaub, Daniel Fromm and John Caraviello, according to sources familiar with the deal. 

RXR purchased 32 Old Slip 10 years ago in a $675 million deal from Beacon Capital Partners, and in 2019 landed a $404 million refinance from Mesa West Capital, CO reported at the time. 

RXR inked a 10-year, 20,585-square-foot lease for 32 Old Slip last month from financial services firm CFG Merchant Solutions, which is relocating its Financial District office from 180 Maiden Lane, as CO previously reported. Other tenants at the 1987-built office tower include personal injury law firm Harris Law, fintech firm GTN and international law firm Cahill Gordon & Reindel.

Officials at Safehold, Melohn Capital, RXR, Goldman Sachs and Newmark did not immediately return requests for comment. Barclays and Morgan Stanley declined to comment. 

Andrew Coen can be reached at acoen@commercialobserver.com