Est4teFour locks down $78M loan to acquire former NY REIT office condo

Ladder Capital is the lender for the 150K sf space

New York /
Aug.August 17, 2017 12:25 PM

Italian real estate firm Est4teFour secured $77.8 million in financing to purchase a 150,000-square foot office condominium at 50 Varick Street, according to records filed with the city this week.

Ladder Capital provided the financing, which includes a $26.5 million mortgage and consolidates the remaining $51.3 million principal in previous debt, documents show.

Est4teFour paid NY REIT $135 million for the property earlier this month.The sale was the first to close since the real estate investment trust, led by CEO Wendy Silverstein,  started liquidating its 4.4 million-square-foot office property portfolio, a process that’s expected to be complete by the first quarter of next year.

The office space spans the fifth through seventh floors of the building, which Est4te Four led a renovation of in 2012.

Earlier this year, the Milan-based developer abandoned its plans for a 1.2 million-square-foot megadevelopment in Red Hook, and sold the six-building site for $110 million to Sitex.

Ladder Capital, a Manhattan-based real estate investment trust, has issued more than $250 million in loans to the Trump Organization. In February, Related Companies purchased $80 million of stock in the firm.

Representatives for Ladder Capital and Est4te could not be immediately reached for comment.

Chava Gourarie contributed to reporting.


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
CBRE's Emma Giamartino and Bob Sulentic (CBRE, iStock)
Flush with cash, CBRE is ready to spend
Flush with cash, CBRE is ready to spend
GCP CEO Alan Yang (Getty, GCP)
GLP raises $2.3B for logistics property fund
GLP raises $2.3B for logistics property fund
Alphabet CEO Sundar Pichai and Twitter CEO Jack Dorsey (Getty)
Twitter, Google latest big companies to delay office returns
Twitter, Google latest big companies to delay office returns
Durst Organization CEO Douglas Durst (Getty)
Durst to fire unvaccinated corporate employees Sept. 6
Durst to fire unvaccinated corporate employees Sept. 6
Converting offices to lab spaces comes with challenges, as some spaces need specific ventilation and upgraded electrical facilities (Getty)
Conversions from offices to life science labs booming
Conversions from offices to life science labs booming
132 West 14th Street and KPG’s co-founders Rod Kritsberg and Gregory Kraut (Avison Young, KPG)
KPG signs long-term ground lease for 57K sf at 132 West 14th Street
KPG signs long-term ground lease for 57K sf at 132 West 14th Street
arrow_forward_ios

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

Loading...