Hana Financial to sell loans tied to Manhattan office, hotel properties

Lender recently provided $145M construction loan to Tribeca hotel project

New York /
Nov.November 24, 2020 10:30 AM
Hana Financial Investment’s Lee Jin-Kook and a rendering of 1 St. Marks Place (Hana Financial Investments)

Hana Financial Investment’s Lee Jin-Kook and a rendering of 1 St. Marks Place (Hana Financial Investments)

Korean lender Hana Financial Investment is selling $173 million in debt tied to two prominent Manhattan assets.

Hana is selling off a $145 million construction loan on Caspi Development’s luxury hotel project at 456 Greenwich Street in Tribeca and a mezzanine loan on Real Estate Equities Corp.’s boutique office development at 1 St. Marks Place in the East Village, Commercial Observer reported.

Newmark Knight Frank is auctioning off the debt with initial bids starting on Dec. 10. Neither of the loans are in default.

Hana Financial provided the loan on the luxury hotel in Tribeca in October, which allowed the stalled project to emerge from bankruptcy. The five-star, 96-key hotel was slated to open in April 2022 under the Hotel Barriere Le Fouquet brand. The developers of the project claimed that a dispute over the ground lease prevented them from obtaining financing.

The second loan is a $27 million mezzanine position on a planned office complex at 1 St. Marks Place. Hana provided $70 million in financing for the development in November 2019, but sold off the first mortgage to Madison Realty Capital and retained the mezzanine position.

The debt is secured by the leasehold interest in the planned 60,000-square-foot office building.

[CO] — Keith Larsen


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