Savanna closes $550M real estate private equity fund

TRD New York /
Apr.April 18, 2011 04:41 PM
From left: Nicholas Beinstock, a managing partner at Savanna, 100 Wall Street, 1375 Broadway and 5 Hanover Square (buildings source: PropertyShark)

New York City-based institutional real estate private equity firm Savanna Investment Management closed its second real estate fund with $550 million in commitments across six transactions totaling 2.2 million square feet. Real Estate Fund II included an all-cash purchase of the 330,000-square-foot tower at 5 Hanover Square where Savanna got a $47 million loan to recapitalize the 25-story office building. Also included in the fund were purchases at 386 Park Avenue South, 104 West 40th Street and 1375 Broadway, which it bought for just $263 per square foot, the senior mezzanine loan at 100 Wall Street, and the senior mortgage on the Kent Swig-owned 80 Broad Street. The fund exceeded its $400 million fund raising target, but Savanna told The Real Deal in January that it expects to close six deals in 2011. “We believe we are well positioned in today’s market with the ability to commit discretionary capital combined with our ownership and operating expertise,” said Nicholas Bienstock, a managing partner of Savanna. TRD


Related Articles

arrow_forward_ios
Christopher Schlank, Nick Beinstock and 1375 Broadway (Credit: Google Maps)

Big Midtown deal looms over Savanna’s latest fundraising effort

Big Midtown deal looms over Savanna’s latest fundraising effort
Savanna’s Chris Schlank and Nick Bienstock with 1375 Broadway (Credit: Google Maps)

Savanna buying Garment District office building for $435M

Savanna buying Garment District office building for $435M
From left: 461 Dean Street, One Court Square and 18 Sixth Avenue

Queens tower led Brooklyn-saturated list of outer-borough loans

Queens tower led Brooklyn-saturated list of outer-borough loans
Savanna's Chris Schlank and One Court Square (Credit: iStock)

One Court Square recapitalized in $880M deal

One Court Square recapitalized in $880M deal
2417 Third Avenue in the Bronx (Credit: Google Maps)

Savanna’s Bruckner Building goes into contract for $65M

Savanna’s Bruckner Building goes into contract for $65M
Savanna’s Chris Schlank, Altice CEO Dexter Goei, and One Court Square

Savanna rebounds following Amazon loss

Savanna rebounds following Amazon loss
Savanna's Chris Schlank and Nick Bienstock with 360 Lexington Avenue

Savanna in contract to buy Midtown East office building

Savanna in contract to buy Midtown East office building
Chris Schlank and Nicholas Bienstock of Savanna with 24-28 West 25th Street (Credit: Google Maps)

Savanna in contract to buy Flatiron District building for $110M

Savanna in contract to buy Flatiron District building for $110M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...