Taconic Investment Partners and TIAA-CREF secured a $89 million mortgage refinancing at 401 West 14th Street in the Meatpacking District, the home of an Apple Store.
Metlife agreed to offer the interest-only, fixed-rate loan, which will come due in 15 years.
HFF brokered the deal, Commercial Property Executive reported.
Taconic bought the 64,000-square-foot building along with Clarion Partners in 2005 for about $37 million. Asset manager TIAA-CREF bought Clarion’s stake last year in a transaction that valued the property at $168 million, or $2,700 per square foot.