The Real Deal New York

Blackstone lands $80M in loans for 44 Wall

Deutsche Bank package includes a refi mortgage and construction loan

September 21, 2016 03:00PM

44 Wall Street

44 Wall Street

Blackstone Group secured $80 million in new debt from Deutsche Bank for 44 Wall Street, the 23-story office building it recently purchased from Norwegian investment firm Obligo.

The financing package includes a $12.5 million construction loan and a $67.6 million mortgage to refinance existing debt, the Commercial Observer reported, citing property records filed Wednesday.

Blackstone’s purchase of the 289,000-square-foot property in the Financial District was part of a $2.7 billion portfolio sale by Obligo of its real estate assets in Scandinavia, Latvia, Germany and the U.S.

The $116.3 million purchase was long delayed due to a lawsuit between the Obligo and the property’s minority stakeholders Kent Swig TRData LogoTINY and Asher Zamir. Swig settled the lawsuit in May, paving the way for the closing in June.

Asking rents at 44 Wall average $46 per square foot, and tenants include brokerage Charles Schwab and title insurance company TitleVest, according to the website. [CO] — Chava Gourarie