The Real Deal New York

Princeton snags $195M refi package for Plaza District building

Owners paid $170M for 111 East 59th Street in 2015
By Kathryn Brenzel | September 14, 2017 05:59PM

Rendering of new 60th Street entrance (credit: Princeton International Properties)

Princeton International Properties and its partners just landed a $195 million financing package for a Plaza District office building.

LoanCore Capital Credit REIT, an affiliate of Jefferies LoanCore, provided the financing for 111 East 59th Street, a 14-story, 200,000-square-foot building, documents filed with the city’s Department of Finance show. The financing includes a $50 million mortgage, which will be added to a previous $103 million loan. A new $8.6 million loan was consolidated with a previous $16.8 million loan, and a third $7 million loan was consolidated with a previous $9.4 million loan.

Princeton, along with its partners Dune Real Estate Partners and Empire Capital Holdings, purchased the building for $170 million in 2015 for Lighthouse International, a blindness-advocacy group. The owners are in the process of converting the bulk of the building into a medical facility and setting aside commercial space on the first two floors, New York YIMBY reported in May.

Representatives for Princeton were not immediately available to provide additional information. The company’s website indicates that the property is undergoing $20 million in capital improvements.