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

Building is near company's other retail properties

New York /
Aug.August 13, 2018 04:15 PM

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.


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
Brookfield kicks off $2B project to turn SF mall into a neighborhood
Brookfield kicks off $2B project to turn SF mall into a neighborhood
Brookfield kicks off $2B project to turn SF mall into a neighborhood
Hudson’s Bay Company restructures $846M CMBS loan
Hudson’s Bay Company restructures $846M CMBS loan
Hudson’s Bay Company restructures $846M CMBS loan
Two of the eleven properties under threat of foreclosure (Google Maps)
Mack Real Estate may “strip” club owner of properties
Mack Real Estate may “strip” club owner of properties
270 W Montauk Hwy, Hampton Bays, NY (Loopnet)
Legendary Hampton Bays bar up for sale
Legendary Hampton Bays bar up for sale
Senator Chuck Schumer and 70 Prospect Park West (Google Maps, Getty)
Schumer blasts Brooklyn landlord as NY pols vow to pass good cause eviction
Schumer blasts Brooklyn landlord as NY pols vow to pass good cause eviction
Prologis Chairman and CEO Hamid Moghadam (Getty, Prologis)
Industrial space “effectively sold out” amid leasing frenzy, Prologis says
Industrial space “effectively sold out” amid leasing frenzy, Prologis says
arrow_forward_ios

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

Loading...