Barclays, Citi provide CIM with loan to buy
16 Court St.

Lenders plan to securitize financing backing $171M Brooklyn purchase

New York /
Oct.October 12, 2017 12:45 PM

Barclays and Citigroup provided a $110 million loan to CIM Group for its purchase of the 38-story office tower at 16 Court Street in Downtown Brooklyn, sources told The Real Deal.

CIM closed Tuesday on its $171 million purchase of the building, Brooklyn’s tallest office property, from SL Green Realty. The Los Angeles-based private equity firm financed the deal with a 10-year, $110 million fixed-rate loan that Barclays and Citigroup will securitize into the CMBS market, sources said.

Spokespersons for CIM and Citigroup declined to comment. Representatives for Barclays and SL Green did not immediately respond to a request for comment.

The 317,600-square-foot 16 Court Street, at the corner of Cadman Plaza West near Downtown Brooklyn’s civic buildings, was 94 percent occupied as of August, according to an announcement SL Green made at the time. Tenants include the City University of New York, the software firm Maker’s Row and landscape architecture firm Michael Van Valkenburgh Associates.

SL Green bought the property in 2007 for $107.5 million with the City Investment Fund, and bought its partner out six years later for $62.5 million in a deal that valued the property at $96.2 million.

Barclays recently participated in a $1.1 billion CMBS loan that Goldman Sachs, Deutsche Bank and Citi Real Estate Funding provided SL Green and Vornado Realty Trust to refinance the 1.26 million-square-foot trophy office tower at 280 Park Avenue.

Citigroup earlier this took part in the $2.3 billion refinancing of Boston Properties’ GM Building, as well as a $500 million refinancing of the Bloomberg Tower at 731 Lexington Avenue, which is owned by Vornado affiliate Alexander’s Inc.

CBRE’s Darcy Stacom and Bill Shanahan represented SL Green in the sale of 16 Court to CIM. James Millon and Tom Traynor, also of CBRE, handled the financing for CIM.

The brokers either declined to comment or couldn’t be immediately reached.


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
The Daily News Building at 220 East 42nd Street and SL Green CEO Marc Holliday (Credit: Getty Images)
SL Green puts Daily News building up for sale
SL Green puts Daily News building up for sale
(Getty / Photo Illustration by The Real Deal)
Mall landlords turn to pop-up stores to boost revenue
Mall landlords turn to pop-up stores to boost revenue
Photo illustration of Tishman Speyer Properties President Rob Speyer and Brookfield Asset Management CEO Bruce Flatt (iStock, Getty)
Office investors Tishman Speyer, Brookfield put money where mouth is
Office investors Tishman Speyer, Brookfield put money where mouth is
Sure We Can has tried to purchase the property in the past (Facebook via Sure We Can, Getty)
Lifeline for canners needs city’s help to buy redemption center site
Lifeline for canners needs city’s help to buy redemption center site
Shoppers World CEO Sam Dushey with an aerial shot of Green Acres Mall (Shoppers World, Macerich)
Shoppers World to debut in Long Island at former Century 21 site
Shoppers World to debut in Long Island at former Century 21 site
Robert Roche, Ben Kohn and Adam Hochfelder (Getty, WikiMedia / Roche)
Entity linked to shuttered Playboy Club New York files for bankruptcy
Entity linked to shuttered Playboy Club New York files for bankruptcy
arrow_forward_ios

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

Loading...