Related Companies and Vornado Realty Trust secured a $396 million Deutsche Bank loan to refinance their Chelsea office building 85 10th Avenue, property records filed with the city Thursday show.
Related bought the 540,299-square-foot office building, a former Nabisco factory, in 2007 from Somerset Partners for $430 million. The new mortgage replaces a $270 million acquisition loan from Deutsche Bank subsidiary German American Capital Corporation. Vornado reportedly owns a 50 percent stake in the property.
Deutsche Bank is one of New York’s most active real estate lenders, issuing more than $13 billion worth of loans between 2011 and 2015 alone. But beyond New York, the bank is struggling with high debt and a possible $14 billion SEC fine over its role in the subprime mortgage crisis.