Trending

Related, Green Oak refi LIC building with $75M loan

Colony Credit Real Estate lent against Blanchard Building

From left: Colony Capital CEO Tom Barrack, the Blanchard Building at 21-09 Borden Avenue in Queens, Green Oak Real Estate founder Sonny Kalsi, and Related Companies CEO Jeff Blau (Credit: Getty Images and Google Maps)
From left: Colony Capital CEO Tom Barrack, the Blanchard Building at 21-09 Borden Avenue in Queens, Green Oak Real Estate founder Sonny Kalsi, and Related Companies CEO Jeff Blau (Credit: Getty Images and Google Maps)

Related Companies and Green Oak Real Estate refinanced the Long Island City building that’s home to VaynerMedia with a $75 million loan from Colony Credit Real Estate.

Colony Credit provided the floating-rate debt to refinance the Blanchard Building at 21-09 Borden Avenue in the Hunter’s Point section, sources told The Real Deal.

The new financing replaces more than $64 million in debt that TPG Real Estate Finance Trust provided the partners after they purchased the Blanchard in 2016 for $62.5 million, property records show.

Jordan Roeschlaub and Dustin Stolly

Jordan Roeschlaub and Dustin Stolly

Sign Up for the undefined Newsletter

Representatives for Related, Green Oak and Colony Credit could not be immediately reached for comment. A Newmark Knight Frank team led by Jordan Roeschlaub and Dustin Stolly arranged the new financing. The brokers declined to comment.

Related and Green Oak recently completed $15 million worth of capital improvements to the 7-story, roughly 220,000 square foot building, including a new lobby and landscaped courtyard.

Digital agency VaynerMedia – a tenant at Related’s 10 Hudson Yards – signed a lease in 2017 for 43,000 square feet at the building.

The Blanchard is part of Related and Green Oak’s The Point LIC office complex. The second piece – dubbed the Paragon Building – sits about a block away at 2100 49th Avenue. Cable company Altice, after getting bumped form space it had planned to lease at One Court Square when Amazon showed up, reportedly negotiated a deal to take all 130,000 square feet at the Paragon.

Related and Green Oak are now in the market to refinance the building with somewhere between $75 million and $100 million in new debt.

Recommended For You