$$230M Loan Secured for 100 Church Street

Cushman & Wakefield Equity, Debt and Structured Finance announced this week that it had arranged a $230 million senior mortgage loan for 100 Church Street in New York, New York on behalf of SL Green Realty Corp. The ten year fixed rate financing, provided by Wells Fargo and bearing interest at a rate of 4.675%, will be used for general corporate purposes according to a Commercial Property Executive article.

"The leasing market remains pretty strong (in Manhattan), and I think the pace is consistent with historical averages," David Schonbraun, co-chief investment officer at SL Green, told Commercial Property Executive.

SL Green also announced that the City of New York renewed its lease covering 372,520 square feet for offices of the law division at 100 Church Street, the 21-story, 1.05 million square foot building located in downtown Manhattan. "We are delighted to have the City of New York as our anchor tenant. The City's decision to extend its commitment is testament to the quality of our recently completed redevelopment of 100 Church Street," said Steven Durels, Executive Vice President and Director of Leasing and Real Property for SL Green. Mr. Durels continued, "This early renewal is consistent with our firm's proactive management of future lease expirations which has led to consistently high portfolio occupancy."

For more news and information visit Blumberg Capital Partners.

H&R REIT Purchase Two Gotham Center for $416M

H&R REIT, an open-ended real estate investment trust, has entered into an agreement to acquire Two Gotham Center in Long Island City, New York for $415.5 million according to a Winnipeg Free Press article. The property represents the first building of the newly built Gotham Center - a 2-block, 3.5 million square foot development that is part of a budding rehabilitation effort in Long Island City. The purchase price equates to an estimated year one, stabilized capitalization rate of 5.85%.

H&R REIT's President and CEO, Tom Hofstedter said: "Considering the unprecedented global demand for superior New York properties, we are thrilled that we were able to enter into an agreement to acquire this trophy asset and secure such exceptional mortgage financing."

Designed by Moed De Armas & Shannon of New York, Two Gotham Center was developed and owned by Tishman Speyer, in a partnership with Square Mile Capital and the Modell family. The recently completed Two Gotham Center tower comprises 661,000 rentable square feet of office space and is 100% leased to the City of New York for an initial term of 20 years with contracted rental escalations of approximately 8% every 5 years.

For more news and information visit Blumberg Capital Partners.