Waterman refis 400 Park leasehold

Investor singed new 75-year lease with Benenson in 2013

New York /
Nov.November 07, 2017 02:35 PM

Waterman Interests refinanced its leasehold position at 400 Park Avenue with a $51 million loan from Bank of America.

The financing comes with a term of five years and features interest-only payments, the Commercial Observer reported. The new loan replaces $50 million in debt provided by Deutsche Bank in 2013.

“We replaced the existing mortgage and hold this asset with extraordinarily low leverage,” Waterman chief financial officer Robert Conover told the CO.

Waterman bought the lease on the property from Aby Rosen’s RFR Realty in 2010, and then three years later, signed a 75-year master lease with Benenson Capital Partners, which has owned the land under 400 Park Avenue since 1971.

The 22-story, 260,000-square-foot building, constructed in 1957, underwent a renovation that finished in 2015 is now over 90 percent occupied, Conover said. The property is eligible for new zoning and development rights under the Midtown East rezoning plan passed in August.

Meridian Capital Group brokered the refinancing. [CO] Rich Bockmann


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
Steve Witkoff and Ian Schrager in front of the iconic PUBLIC hotel escalators. (PUBLIC, Getty)
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
Best Buy has closed about 20 of its big-box stores in each of the past two years (iStock)
Best Buy lays off 5,000 staffers, increases store closures
Best Buy lays off 5,000 staffers, increases store closures
Ryan Serhant and Gary Barnett on Development Slowdown in Pandemic
Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
Cushman & Wakefield CEO Brett White
Cushman reports 10% drop in revenue in 2020
Cushman reports 10% drop in revenue in 2020
Central Queens Academy's Ashish Kapadia and United's Chris Jiashu Xu with a rendering of 88-08 Justice Avenue (Linkedin, iStock)
Charter school takes 85K sf in Queens condo building
Charter school takes 85K sf in Queens condo building
(IStock illustration by Kevin Rebong)
Smaller cities look to cash in on shift to remote work
Smaller cities look to cash in on shift to remote work
arrow_forward_ios

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

Loading...