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NEW YORK CITY-Larry Silverstein has secured a $69-million first mortgage on 120 Wall St. Locally based real estate investment banking firm Sonnenblick-Goldman Co. arranged the loan, which was funded by a German-based commercial bank.

Located in Lower Manhattan at the intersection of Wall and South streets, the 34-story 120 Wall St. building overlooks East River piers 13 and 14, site of a proposed $450-million branch of the Guggenheim Museum, similar to the one in Bilbao, Spain.

Extensively renovated since its construction in 1929, 120 Wall has been designated as the Association Center by the New York City Economic Development Corp. As such, the 606,532-sf commercial condominium does not pay real estate or sales taxes for upgrades to space leased to registered not-for-profit tenants, which includes 80% of the building’s occupants. In order to offer tax abatements to its occupants, the EDC owns each tenant’s space and leases it to Silverstein for a minimal rent. Silverstein, in turn, subleases to the not-for-profits at below-market rents with no real estate taxes.

“We were extremely pleased to find there was strong interest from the mortgage lending community for this downtown property,” says Arthur Sonnenblick, senior managing director at Sonnenblick-Goldman. “The Silverstein Properties’ sponsorship, and the fact that the building is fully rented with little tenant turnover, makes a mortgage loan on 120 Wall Street an attractive investment.”

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