The Real Deal New York

Madison refis Whale Square with $90M loan

Investor bough Brooklyn property for $82M in 2015
By Rich Bockmann | March 15, 2018 05:40PM

Josh Zegen and Whale Square (Credit: Google Maps)

Madison Realty Capital refinanced the 500,000-square-foot Whale Square building in Sunset Park with a $90 million loan from TPG Capital’s mortgage arm.

TPG Real Estate Finance Trust, the private-equity firm’s mortgage real estate investment trust, refinanced the $59.4 million remaining balance of a $63.2 million loan Deutsche Bank provided at the time of Madison’s acquisition, property records filed with the city Thursday show.

The REIT provided another $30.5 million in additional debt, according to records.

A spokesperson for TPG declined to comment, and a representative for Madison Realty couldn’t be immediately reached.

Madison bought the seven-story building at 14 53rd Street — formerly known as the Brooklyn Whale Building — for $82.5 million in 2015, as investors were snapping up industrial properties and repositioning them to attract office and creative tenants.

The building was listed at the time as 400,000 square feet. But after a re-measurement, Madison’s pegged it at 500,000 square feet.

In 2016, Urban Soccer signed a lease for 63,000 square feet at the site for its first indoor facility in the United States.