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

Ladder Capital is the lender for the 150K sf space

50 Varick Street
50 Varick Street

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.

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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.