Sutton lands $101M Signature loan for 34th St. retail building

UPDATED, Jan. 5, 12:23 p.m.: Jeff Sutton’s Wharton Properties obtained a $101 million loan from Signature Bank to refinance its retail building at 21 West 34th Street, property records filed with the city Wednesday show.

The new loan replaces a $100 million mortgage from Wells Fargo and carries a term of five years with an option to extend for another five, according to a source. Meridian Capital Group’s Ronnie Levine and Jeff Berkes brokered the loan.

British clothing chain Superdry signed a seven-year lease for the entire two-story, 19,054-square-foot retail building in May. The Commercial Observer reported at the time that the rent is less than $3 million a year.

Superdry replaced clothing retailer Esprit, which moved in in 2010 but closed all its North American stores two years later.

Sutton [TRDataCustom] also owns the adjacent retail building at 29 West 34th Street, home to Geox and Aldo, as well as the nearby properties at 15 and 40 West 34th Street.