MHP lands $238M loan for 850 Third Ave. acquisition

Developer, in partnership with HNA Group, closed last month on office tower for $463M

New York /
Apr.April 07, 2016 06:30 PM

MHP Real Estate Services landed $238 million in financing from Morgan Stanley to finance its acquisition of 850 Third Avenue, a 21-story office tower in Midtown East.

MHP, in partnership with Chinese investment firm HNA Group, entered into contract to buy the 614,000-square-foot building in January, and closed on the purchase at the end of March, property records show.

The financing consists of four parts: a $210 million acquisition loan, a $17 million building loan, a $465,000 project loan, and $10 million in debt transferred from the previous owner, Shorenstein Properties.

HNA is the building’s “equity owner,” while MHP is its “operating partner,” The Real Deal reported at the time of closing. HNA plans to set up a U.S. headquarters at the building for its HNA Capital division.

MHP, led by Norman Sturner, didn’t immediately return a request for comment. The firm’s recent deals include the acquisition of 180 Maiden Lane in partnership with Clarion Partners in late 2014.


Related Articles

arrow_forward_ios
Harbor Group grabs $558M in financing for Black Rock purchase
Harbor Group grabs $558M in financing for Black Rock purchase
Harbor Group grabs $558M in financing for Black Rock purchase
Redwood Trust CEO Christopher Abate and Point CEO Eddie Lim (Getty, Redwood, iStock)
Fintech firm completes first-ever Home Equity Investment-backed securitization
Fintech firm completes first-ever Home Equity Investment-backed securitization
Ladder Capital CEO Brian Harris (Getty, Ladder Capital)
Nonbank CRE lenders expect bumper year
Nonbank CRE lenders expect bumper year
From left: Sabey Corporation CEO John Sabey, National Real Estate Advisors CEO Jeffrey Kanne and 375 Pearl Street (Sabey, National Real Estate Advisors, Tdorante10/Wikimedia)
Sabey lands $250M refi for 375 Pearl Street
Sabey lands $250M refi for 375 Pearl Street
The Promenade on the Peninsula in Rolling Hills Estates, California (Google Maps, iStock)
Landlords take on short-term debt to spruce up struggling assets
Landlords take on short-term debt to spruce up struggling assets
Sotheby’s CEO Charles Stewart and 1334 York Avenue (Sotheby's; Google Maps)
Sotheby’s gets $483M loan for its UES headquarters
Sotheby’s gets $483M loan for its UES headquarters
Jackpot: Cannabis REIT has $120M in capital to lend to operators
Jackpot: Cannabis REIT has $120M in capital to lend to operators
Jackpot: Cannabis REIT has $120M in capital to lend to operators
Norman Sturner and David Sturner of MHP Real Estate Services (Credit: Getty)
Norman Sturner’s MHP lets go of more than half its brokers
Norman Sturner’s MHP lets go of more than half its brokers
arrow_forward_ios

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

Loading...