H&R REIT scores $250M refi for 2 Gotham Center

Three life insurers provided financing for the LIC office building

TRD New York /
Feb.February 09, 2017 05:11 PM

H&R Real Estate Investment Trust pulled off $250 million to refinance its 22-story office building 2 Gotham Center in Long Island City.

The financing comes from Northwestern Mutual Life Insurance Company, Great-West Life Assurance Company and Canada Life Financial Corporation, the Commercial Observer reported. The debt replaces a $250 million mortgage from the same three companies, according to the publication.Canada-based H&R used that funding to help buy the building from Tishman Speyer for $416.2 million in 2011.

The building — which is fully leased to the New York City Department of Health Mental Hygiene — spans just under 670,000 square feet and is located at 42-01 28th Street.

H&R is working with Tishman Speyer to build a three-building,1,789-unit Luxury Rental Complex Across The Street from 2 Gotham Center at 28-34 Jackson Avenue, 28-10 Jackson Avenue and 30-02 Queens Boulevard. The companies picked up a $640 million construction loan for the development from Bank of America Merrill Lynch and Wells Fargo in 2015. [CO] — Miriam Hall

Related Articles

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

WeWork’s side businesses are fizzling

Bank OZK reports uptick in construction lending in Q3

Minority real estate professionals still fight racial and gender barriers: TRD Miami Showcase & Forum

Data Alert: What’s going on with i-sales in Manhattan and Brooklyn?

Clockwise from left: 532-542 Union Street and 232 Third Avenue in Gowanus, Tavros' Colin Rankowitz and Avery Hall's Brian Ezra (Credit: Terra CRG, Tavros, Avery Hall)

Gowanus gold rush: Avery Hall, Tavros, Charney buy sites for $55M

A little good news for renters. We’re not talking to you LA and Manhattan