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

Colony Credit Real Estate lent against Blanchard Building
By Rich Bockmann | April 15, 2019 03:15PM

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

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.