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NEW YORK CITY-The Benenson Capital Co. has closed on a $12.75-million loan secured by a first lien on the firm’s commercial co-op unit at 117-127 E. 59th St.

Real estate investment banking firm Sonnenblick Goldman arranged the financing for locally based Benenson. The loan was provided by an unnamed domestic investment management firm acting for a pension fund client.

“This transaction is particularly unique as it involves a retail co-op, a real estate category that is not known beyond the New York metropolitan area and is of interest to only a very small group of lenders,” says Andrew Oliver, Managing Director and Principal at Sonnenblick-Goldman Company.The property, located between Park and Lexington Avenues, consists of 38,300 sf, most of which is leased to Williams-Sonoma Inc. for a Williams-Sonoma store and a Pottery Barn store.

The stores are one-half block from the site of the former Alexander’s department store, which is being developed into a mixed-use building that will include Bloomberg L.P.’s new world headquarters, residential condominiums and retail space. “Benenson Capital is known for its strategic, long-term acquisitions, and Williams-Sonoma’s 13-year lease will give Benenson a toehold in a neighborhood that is expected to become increasingly upscale in the next few years,” adds Oliver.

The commercial cooperative unit is a portion of Plaza Tower, which also contains 235 residential cooperative apartments with an entrance at 118 East 60th St.

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