The Real Deal New York

Taconic, TIAA-CREF get $89M refi at Apple Store building

Metlife gave the 15-year, interest-only, fixed-rate loan

November 13, 2015 10:41AM

401 West 14th Street in the Meatpacking District (inset: Taconic's Charlie Bendit)

401 West 14th Street in the Meatpacking District (inset: Taconic’s Charlie Bendit)

Taconic Investment Partners and TIAA-CREF secured a $89 million mortgage refinancing at 401 West 14th Street in the Meatpacking District, the home of an Apple Store.

Metlife agreed to offer the interest-only, fixed-rate loan, which will come due in 15 years.

HFF brokered the deal, Commercial Property Executive reported.

Taconic bought the 64,000-square-foot building along with Clarion Partners in 2005 for about $37 million. Asset manager TIAA-CREF bought Clarion’s stake last year in a transaction that valued the property at $168 million, or $2,700 per square foot.

The building is 100 percent leased. Apple occupies about 45,000 square feet. Other tenants include Hugo Boss, The Kooples and Raptor Capital Management. [CPE Executive]Ariel Stulberg