The Real Deal New York

TIAA-CREF, Korean credit union get in on Mobil building action

David Werner-led team closed on $900M purchase of 42-story tower in August
December 12, 2014 12:50PM

TIAA-CREF and the Korean Teachers Credit Union acquired a $175 million loan on the Mobil building at 150 East 42nd Street.

The financing is part of David Werner and his partners’ $900 million purchase of the 42-story Midtown office tower, Bloomberg News reported. TIAA-CREF and the KTCU, which both manage teachers’ savings, are looking to invest in mortgages that are backed by all types of big buildings in gateway markets across the U.S.

TIAA-CREF originated the $175 million mezzanine loan on the tower and sold it to the joint venture after the partnership deal was completed last week, a spokesperson for TIAA-CREF told the website. Werner and his investors landed about $700 million in financing for the acquisition of the tower in August, as The Real Deal reported.

Last year, KTCU underwrote a mezzanine debt of $50 million on the RFR’s Seagram Building at 375 Park Avenue. [Bloomberg News]Mark Maurer