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.
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.