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

Three life insurers provided financing for the LIC office building

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

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
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

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

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

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
President Donald Trump (Getty)

Realtor groups sue to block federal eviction ban

Realtor groups sue to block federal eviction ban
Hewlett Packard Enterprise Co. CEO Antonio Neri (Unsplash; Hewlett Packard Enterprise)

Hewlett Packard Enterprise leaves Silicon Valley for Texas

Hewlett Packard Enterprise leaves Silicon Valley for Texas
 After a rush for suburban houses, condos in the ’burbs are seeing more interest too. (iStock)

Suburban condos get competitive

Suburban condos get competitive
Convention centers are a losing proposition for private developers, but local governments see them as a way to attract business tourism. (iStock)

Convention centers boom despite shows going virtual

Convention centers boom despite shows going virtual
(iStock)

Mortgage applications skyrocket in holiday week

Mortgage applications skyrocket in holiday week
arrow_forward_ios

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

Loading...