Real Estate Weekly
Image default
Deals & Dealmakers Debt & Equity

HFF arranges $40M loan for new Related Cos. tower

HFF arranged $40 million in financing for the fee simple interest of 300 Lafayette, a development site at the corner of Lafayette and Houston Streets in Manhattan’s SoHo neighborhood.

HFF worked on behalf of the borrower, LargaVista Companies, to secure the 20-year, fixed-rate loan through a national life insurance company. HFF will also service the loan.

Rendering of the planned tower
Rendering of the planned tower
300 Lafayette is an 11,622- s/f site with 365 feet of frontage along Crosby, Lafayette and Houston Streets in the SoHo neighborhood of Manhattan.

Currently the location of one of the most recognizable gas stations in the country, the site is planned to be developed into a seven-story, dynamic mixed-use retail and office tower by a joint-venture between LargaVista Companies and Related Companies, that has entered into a long-term leasehold ownership position.

The HFF debt placement team representing the borrower was led by senior managing director Mike Tepedino and managing director Michael Gigliotti.

“300 Lafayette is a highly visible and energetic location,” said Gigliotti. “The lender showed ingenuity in recognizing the value of such a site, despite the fact that the project has not yet broken ground. The impressive vision of the project, the excellent location, and the strength of the borrower combined to merit an attractive permanent financing.”

LargaVista Companies owns a portfolio of holdings in New York City, Westchester County, Florida and California.

(Visited 1 times, 1 visits today)

Related posts

South Koreans pay $5.8B for Anbang hotel portfolio

REW

WHO’S NEWS: Rudder Property Group announces the appointment of Matthew Werner as Director of Sales.

REW

REBNY announces industry leaders to be honored at 124th Annual Banquet

REW