NEW YORK CITY-Continuing its Manhattan acquisition streak of recent months, Savanna said Tuesday it had taken title to 100 Wall St. through a UCC foreclosure auction. The private equity firm did not disclose terms of the deal; however, an industry source tells GlobeSt.com it entailed buying the defaulted mezzanine debt on the Downtown office property from a Prudential affiliate for $7.5 million, plus the assumption of $117 million in senior debt.

In March, Savanna bought the mezz debt on the 29-story tower with the goal of pursuing the loan-to-own strategy it had successfully executed on other troubled Manhattan office assets in recent months. Following acquisition of the mezz debt, it pursued a UCC foreclosure with the help of law firm Herrick, Feinstein LLP and took possession of 100 Wall this month.

Broadway Partners had paid about $135 million for the property in 2007. Savanna plans a capital improvement plan for 100 Wall and has hired a Jones Lang LaSalle team of Mitchell Konsker, Scott Cahaly and Brian Reiver to head up leasing efforts at the property, which currently is 23% vacant.

According to Real Capital Analytics, Savanna is currently in contract on another Downtown office property, 80 Broad St., which it’s acquiring for $66 million from ownership led by Swig Equities in a debtor-controlled sale. Savanna co-managing partner Nicholas Bienstock tells GlobeSt.com there will be more such opportunities for his company.

“In the past 10 months, Savanna has acquired a number of terrific office buildings in Manhattan, including 386 Park Ave. South, 104 W. 40th St., 5 Hanover Square, 1375 Broadway and the debt secured by 80 Broad,” Bienstock says. “Most of these acquisitions involved the purchase of defaulted debt as an initial entry point into the deal. 100 Wall Street is another example of Savanna stepping into the fee ownership of a strong asset by purchasing the underlying debt and securing the equity via a UCC foreclosure process. Though no deal is ever easy, we continue to work hard on a number of opportunities to make compelling debt and equity investments in high quality office assets in Manhattan.”