MassMutual lands $155M refinancing for Hell’s Kitchen tower

ING Capital provided the new mortgage

New York /
Mar.March 20, 2018 01:10 PM

555 West 42nd Street and MassMutual’s Roger Crandall(Credit: LinkedIn)

The Massachusetts Mutual Life Insurance Company secured a $155 million mortgage for 555 West 42nd Street in Hell’s Kitchen, according to documents filed with the city today.

The property, which sits between 10th and 11th avenues, is a 44-story building with 418 apartments and eight commercial units. It contains the Hell’s Kitchen outpost of improv comedy performance space Upright Citizens Brigade Theater. Last October, the comedy troupe signed a 7,000 square foot lease to take over a 160-seat theater previously occupied by the Pearl Theatre Company

ING Capital is the lender in the transaction, according to the city’s Department of Finance. The firm assumed the $54.6 million mortgage on the property from Northwestern Mutual Life and provided $100.3 million in gap financing, records show. MassMutual secured the debt through its subsidiary Barings.

MassMutual, which is based in Springfield, Massachusetts, merged its four asset management businesses in 2016, and claims $275 billion in assets under management. The companies in the merger included Barings, Cornerstone Real Estate Advisors, Babson Capital and Wood Creek Capital Management.

The firm is usually on the other side of debt deals, serving as lender for AEW Capital’s $180 million refinancing of 330 Hudson Street and Trinity Capital’s $189.5 million construction loan  for 77 Greenwich Street. However, it is rumored to be in talks to sell up to $800 million worth of hotels to Chinese billionaire Cai Kui.


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
With major financial choices to make, Newmark receives $850M infusion
With major financial choices to make, Newmark receives $850M infusion
With major financial choices to make, Newmark receives $850M infusion
NYCEEC co-CEOs Curtis Probst and Fred Lee (iStock, NYEEC)
The wait is over: C-PACE finally goes live in NYC
The wait is over: C-PACE finally goes live in NYC
Nightingale’s Eli Schwartz and 111 Wall Street (Google Maps, Nightgale)
Nightingale, Wafra secure $500M loan package to revamp 111 Wall
Nightingale, Wafra secure $500M loan package to revamp 111 Wall
1133 Sixth Avenue, 114 West 47th Street, 537 Greenwich Street and 55 Broadway (Tdorante10/Wikimedia, Durst Organization, Easter Consolidated Google Maps)
These were the largest Manhattan real estate loans in May
These were the largest Manhattan real estate loans in May
Acting Katara CEO Andrew Humphries and 355 West 16th Street (Google Maps, AHIC)
Katara Hospitality takes over Dream Downtown’s $125M ground lease
Katara Hospitality takes over Dream Downtown’s $125M ground lease
Blooma founder Shayne Skaff (LinkedIn, iStock)
CRE fintech startup Blooma nabs $15M in funding
CRE fintech startup Blooma nabs $15M in funding
arrow_forward_ios

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

Loading...