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Savanna finances Berkeley Building pickup with $92M loan
The private equity firm went into contract on the tower in July
More than 50 prospective investors toured the Berkeley Building at 19 West 44th Street earlier this year before the sale went to Savanna Real Estate for $195 million. And now we know where Savanna’s leverage on the deal is coming from.
Mesa West Capital provided a $92 million acquisition loan to the new owners of the World War I-era office tower, records filed with city Wednesday show. Savanna’s purchase of the building has now officially closed as well.
A representative for Savanna confirmed the deal, but noted that the company would no longer be using the Berkeley Building name for the property.
A Hodges Ward Elliot team of Lawrence Britvan, Matt Jacobs, and Michael Straw brokered the debt agreement on behalf of Savanna.
The previous owner, German investment firm Deka Immobilien, acquired 19 West 44th Street from SL Green Realty in 2010, paying $123.2 million. When Savanna went into contract this summer, the building was 86 percent occupied. Tenants include FSS Staffing Solutions, Lazare Kaplan International, and public-relations company Kaplow Communications.
Mesa West, a private lender, was sold to Morgan Stanley in September, although the deal is yet to close.