Madison refis Whale Square with $90M loan

Investor bough Brooklyn property for $82M in 2015

New York /
Mar.March 15, 2018 05:40 PM

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.


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
Major real estate stocks ended in negative territory this week. (Getty)
Real estate stocks, markets jittery over inflation
Real estate stocks, markets jittery over inflation
Joseph Chetrit with 427 and 459 (left) Broadway (Getty, Beyond My Ken/Wikimedia)
Chetrit Group falls behind on Soho portfolio mortgage
Chetrit Group falls behind on Soho portfolio mortgage
Joel Landau, chairman and founder of Allure Group. (Google Maps, Score NYC)
These were the top outer-borough loans last month
These were the top outer-borough loans last month
Madison Realty principal Josh Zegen, Raphael Toledano with the properties at 325-329 East 12th Street and 223-235 East 5th Street (Madison Realty, Google Maps, Toledano by Michael McWeeney)
Madison Realty Capital closes on Toledano’s bankrupt East Village portfolio
Madison Realty Capital closes on Toledano’s bankrupt East Village portfolio
David Schonbraun (SL Green)
SL Green investment chief David Schonbraun steps down
SL Green investment chief David Schonbraun steps down
Aby Rosen and 522 Fifth Avenue (Getty, Google Maps)
RFR pitches Fifth Avenue office building as “build-to-suit” corporate HQ
RFR pitches Fifth Avenue office building as “build-to-suit” corporate HQ
arrow_forward_ios

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

Loading...