Developers of 10 Jay score $150M loan to finish conversion

Acore Capital finances warehouse-to-office project in Dumbo

New York /
Jul.July 05, 2017 12:50 PM

Glacier Global Partners and Triangle Assets locked in a $150 million bridge loan to wrap up a 10-story office conversion project at 10 Jay Street along the Dumbo waterfront.

San Francisco-based lender Acore Capital provided the loan, which the developers will use to repay existing debt, complete construction and fund future leasing costs, according to JLL, which brokered the financing.

The developers expect the 221,500-square-foot property to be ready for tenants later this year. They have been converting the warehouse, built in 1897, into an ODA New York-designed office property targeting TAMI tenants.

The firms initially sought to convert the warehouse into 46 residential condominium units, but changed their minds in 2015. Last year, marketing agency Translation LLC signed a lease for 35,000 square feet, at an asking rent of $65 per square foot.

Dustin Stolly, who recently left JLL, and a JLL team led by Kellogg Gaines and Aaron Niedermayer handled the deal. The brokers began a search for $130 million in financing in April.

Elsewhere in Dumbo, Kushner Companies and partners have had luck securing large loans in recent months, including $187 million from Criterion Real Estate Capital for their acquisition of 85 Jay Street  and a $325 million Citibank loan for the buyout of Invesco from ownership of Dumbo Heights.

(To view more of ACORE Capital’s financing transactions, click here)


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
City Council Majority Leader Laurie Cumbo and 840 Atlantic Avenue (Getty, Google Maps)
Atlantic Avenue project gets haircut — and is rejected anyway
Atlantic Avenue project gets haircut — and is rejected anyway
Close to 80 hotels with more than 13,000 rooms plan to open in 2021. (iStock)
Big year seen for hotel openings, despite few visitors
Big year seen for hotel openings, despite few visitors
Slate Property Group's Martin Nussbaum and a rendering of the project
Hakimian, Certes land $59M loan for East Harlem multifamily project
Hakimian, Certes land $59M loan for East Harlem multifamily project
Total size of New York construction sites is smallest since 2010. (Getty)
New construction projects off to slow start in 2021
New construction projects off to slow start in 2021
Protestors in support of street vendors gather in Hudson Yards on May 7, 2021 (Getty)
“More churros, less cops”: Vendors and Related face off
“More churros, less cops”: Vendors and Related face off
Andrew Yang (Getty, iStock)
Yang targets vacant lots with $900 million tax plan
Yang targets vacant lots with $900 million tax plan
arrow_forward_ios

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

Loading...