NEW YORK CITY-Coinciding with the marketing of the senior debt on Swig Equities’ 80 Broad St., the mortgage on 1140 Ave. of the Americas reportedly is also up for sale. Crain’s New York Business reported Tuesday that a consortium of lenders led by Landesbank Baden-Wurttemberg has hired Holliday Fenoglio Fowler to sell the loan, which has a face value of $116 million.
A partnership of Stellar Management and Rockpoint Group bought the 22-story office tower from SL Green Realty Corp. for $97.5 million in 2006, or approximately $510 per square foot. The partnership financed the loan and a planned renovation with a $116-million senior loan from Lehman Brothers. In 2009, according to published reports, Stellar halted the 1140 Sixth Ave. renovation and filed suit against the lenders, alleging that they had cut off funding on the capital improvements. The two sides reportedly then entered into negotiations to resolve the matter.
Scott Latham, executive managing director at Jones Lang LaSalle, told Crain’s that the note would attract “tons of interest, because investors want to be in New York.” Stellar, HFF and Stuttgart, Germany-based Landesbank all declined to comment on the Crain’s report. Click here for the complete article.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.