The Real Deal New York

Wharton Properties lands $50M loan to refi Garment District property

Building is near company's other retail properties
By Kathryn Brenzel | August 13, 2018 04:15PM

29 West 34th Street and Jeff Sutton (Credit: Google Maps)

Jeff Sutton‘s Wharton Properties just landed $50 million to refinance one of its retail properties in the Garment District.

Germany-based Landesbank Hessen-Thüringen, also known as Heleba, provided the financing package, which includes $49.4 million in existing loans and $562,500 in new debt, according to documents filed with the city’s Department of Finance on Monday. The financing is for 29 West 34th Street, a three-story retail building whose tenants include Aldo and Geox.

Sutton didn’t immediately return a message seeking comment.

Wharton owns other retail properties nearby, including 21, 15 and 40 West 34th Street. In December 2016, Wharton secured a $101 million loan from Signature Bank to refinance 21 West 34th Street.

Last year, Sutton raised $233 million on the Tel Aviv Stock Exchange in an offering backed by an 18-property Midtown portfolio, which included 747 Madison Avenue and 29 and 40 West 34th Street.

Wharton used those proceeds to finance its acquisition of SL Green Realty‘s $100 million investment in 530-536 Broadway. The two companies had purchased the 11-story office and retail buildings for $340 million in 2014.