The Real Deal New York

Blackstone helps fund Thor, GreenOak Riverside Drive buy

Mortgage trust unit supplies $65M to help fund purchase of rental pair on Upper West Side
March 24, 2014 01:00PM

Blackstone Mortgage Trust issued a $65 million loan to a partnership formed by Thor Equities and GreenOak for the purchase of two Upper West Side buildings. The $85 million deal closed on March 11 with GreenOak financing the remaining $20 million.

The two prewar rental buildings — 120 Riverside Drive and 125 Riverside Drive — are located between 84th and 85th Streets. The pair share a total of more than 110,000 square feet, The New York Observer reported. The nine-story  120 Riverside has a total of 39,900 square feet, while 125 Riverside is 12 stories tall with 70,312 square feet of space. The buildings are connected by a lobby.

The property was purchased from a longtime family owner in an off-market deal. The mortgage unit of private-equity firm Blackstone previously financed other deals with Thor and GreenOak. [NYO] — Sasha von Oldershausen