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<\/p>\nThe Moinian Group\u00a0landed new debt to\u00a0pay off a distressed\u00a0loan\u00a0on\u00a0two mixed-use Fifth Avenue\u00a0buildings \u2014 but not without\u00a0having to throw in a significant\u00a0chunk of its own cash.<\/p>\n
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\n The Moinian Group put up $10M in cash to score new CMBS financing for 535 and 545 Fifth Ave.\n <\/p>\n
Deutsche Bank, Societe Generale Financial Corp. and German American Capital Corp. provided a $310M CMBS loan\u00a0to Moinian to refinance\u00a0535 and 545 Fifth Ave., according to city property records. The\u00a0deal closed this week.<\/p>\n
To pay off the defaulted mortgage on the 36-story 535 Fifth Ave. and the 14-story 545 Fifth Ave., the landlord put in $10M of equity to close the deal, according to a new report from Fitch Ratings.<\/p>\n
The loan matures in January 2031 and is amortizing, rather than\u00a0being structured as\u00a0an interest-only deal, which is more commonly seen for CMBS. The\u00a0$320M total will go toward paying off the $314.8M balance of the mortgage on the buildings, which were\u00a0erected a century ago, plus closing costs.<\/p>\n
Moinian defaulted on its previous $310M CMBS loan when\u00a0it matured in March, resulting in the properties being sent to special servicing, Crain\u2019s New York Business reported<\/a> at the time. The servicer had filed a foreclosure action, but that was dismissed when Moinian landed the refinancing.<\/p>\n The properties, which sit close to Grand Central\u00a0between East 44th and 45th streets and span 507K SF, are 88% leased. Moinian has spent $33.4M upgrading the buildings since 2019, including $11M on the flagship retail space.\u00a0\u00a0<\/p>\n A possible warning sign for when the new debt needs refinancing\u00a0is that two retail tenants, the NBA Store and Best Buy, account for roughly 40% of the properties\u2019 retail base rent. Best Buy\u2019s lease expires at the end of\u00a0the first quarter of 2031, while the NBA Store has a termination option it could exercise as early as December 2029.\u00a0<\/p>\n CBRE’s Drew Anderman, Eddie Haber, AJ Bruno and Jared Fried, along with Iron Hound Management’s Rob Verrone, advised Moinian in the refinancing, Crain’s reported<\/a>.<\/p>\n TOP FINANCING DEALS<\/p>\n The Carlyle Group, Fetner Properties and Lions Group nabbed a $224.3M bridge loan from Wells Fargo for The Italic, a 49-story, 363-unit tower at 26\u201332 Jackson Ave. in Long Island City. A JLL Capital Markets team led by Christopher Peck, Nicco Lupo, Michael Shmuely and Alex Staikos represented the joint venture, which developed the building.<\/p>\n ***\u00a0<\/p>\n BRP Cos. scored a $303M construction loan for Archer Towers II, a 400-unit mixed-income development at 63-25 Archer Ave. in Jamaica that is expected to start construction this quarter. The 353K SF, 22-story apartment tower\u2019s capital stack includes tax-exempt bonds issued by the New York City Housing Development Corp., subsidy from the Department of Housing Preservation and Development, and low-income housing tax credit equity. Wells Fargo is providing a letter of credit as well as serving as the investor for the tax credit equity.<\/p>\n ***<\/p>\n Apollo\u00a0lent $220M to Quantum Pacific and Metro Loft Management to convert the 26-story downtown office at 101 Greenwich St. to 614 apartments, Commercial Observer reported<\/a>. Quantum Pacific acquired the property in February, with PincusCo reporting<\/a>\u00a0Metro Loft filed the conversion plans in December. Newmark\u2019s Jordan Roeschlaub, Chris Kramer and Holden Witkoff arranged the floating-rate financing with Apollo.\u00a0<\/p>\n ***<\/p>\n A joint venture of two American Exchange Group affiliates, 60 Guilders and Sentry Realty, refinanced a 27-story office building at 1375 Broadway with a $213M loan from Bain Capital, Commercial Observer reported<\/a>. The joint venture acquired the 520K SF building from Savanna\u00a0after it bought a $200M\u00a0loan on the property from Aareal Capital. It financed that purchase with a note-on-note financing from Sail Harbor Capital, which converted into a first mortgage that has now been refinanced, according to CO.\u00a0<\/p>\n TOP SALES<\/p>\n \n A private Japanese investor acquired 120 Spring St. for $18.5M this week.\n <\/p>\n It was a busy week for the SoHo retail sales market. Icon Realty Management sold a two-story building at 120 Spring St. for $18.5M to an unnamed Japanese high net worth private investor in an all-cash deal, Crain\u2019s reported<\/a>. The two-story property is fully leased to Birkenstock until the end of 2027. Adirondack Capital Partners’ Michael Hunter Coghill represented the seller.<\/p>\n ***<\/p>\n On the same block, Blackstone\u00a0bought the retail and office building at 113 Spring St. for $42.8M from Morgan Stanley, according to a deed posted to city property records.\u00a0Commercial Observer, which\u00a0first reported the deal<\/a> last week, pegged it as\u00a0a\u00a0$45M, all-cash transaction. Either way, it is a significant haircut for Morgan Stanley, which acquired the building in 2015 from\u00a0Status Capital for $68M. Newmark’s\u00a0Adam Spies, Adam Doneger, Brett Siegel, Ben Lushing and Meaghan Philbin brokered the deal.<\/p>\n ***<\/p>\n Evergreen Peak acquired the six-story mixed-use office and retail building at 90 Wooster St. in SoHo for $43.7M from J. Safra Real Estate Acquisitions, Commercial Observer reported<\/a>. Its tenant roster includes Canadian fashion brand Mackage, which signed a deal there for\u00a0a\u00a0flagship store in 2021.<\/p>\n ***<\/p>\n The Salvation Church of God, a Flatlands-based church, acquired two lots at 6065 and 6075 Strickland Ave. close to Jamaica Bay for $20.6M from Strickland Realty Group, Crain\u2019s reported<\/a>. The sites are vacant except for a single-story industrial building containing an auto repair shop. Salvation Church, which bought its existing location nearby at 5601 Avenue N in 2019 for $5M, hasn\u2019t disclosed plans for the tax lots.<\/p>\n TOP LEASES<\/p>\n \n Law firm Withers signed for 33K SF at Tishman Speyer’s 30 Rockefeller Plaza this week.\n <\/p>\n Tishman Speyer signed law firm Withers to 33K SF at 30 Rockefeller Plaza. JLL\u2019s Cynthia Wasserberger, Michael Berg, Bobby Blair and Sofia Bruno represented Withers, while Blythe Kinsler and Kate Walker represented Tishman Speyer in-house. Withers will relocate to 30 Rock, the home of NBC, from 430 Park Ave., The Real Deal reported<\/a>.<\/p>\n ***<\/p>\n Candid Health signed for 29K SF at GFP Real Estate\u2019s 675 Sixth Ave. in a relocation from 44 W. 28th St., Commercial Observer reported<\/a>. Other tenants include Trader Joe\u2019s and CompStak. Jeff Gural and Alphie Toro represented the landlord in-house alongside Newmark\u2019s Anthony Sciacca and Scott Gutnick, while JLL\u2019s Justin Haber, Kyle Riker and Emma Gill represented the tenant.\u00a0<\/p>\n ***<\/p>\n The South African Consulate\u00a0is taking\u00a0the 31K SF penthouse of Cohen Brothers Realty Corp.\u2019s 29-story tower at 805 Third Ave. Bradford Allen\u2019s Glenn Isaacson, Tony Builder and Ava Beganovic represented the\u00a0landlord with in-house help from Marc Horowitz. Cresa\u2019s Michael Goldman represented the tenant. The consulate is relocating from 845 Third Ave., Commercial Observer reported.\u00a0<\/p>\n ***<\/p>\n<\/p>\n<\/p>\n