Savanna nabs $264M loan for Downtown Brooklyn office project
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
