AM Property, Quality Capital lock down $46M loan to buy 420 Fifth office condo
Girl Scouts of the USA will vacate the four floors by January
The Wasserman family’s AM Property Holding and Samson Klugman’s Quality Capital USA pulled off a $46 million loan for its purchase of the Girl Scouts of the USA’s headquarters across four floors at 420 Fifth Avenue in Midtown, sources told The Real Deal.
The firms closed on the $61 million purchase of the four full-floor office condominium units at the 30-story, 600,000-square-foot Class A tower between West 37th and 38th streets.
Pine River Capital Management, an asset manager, provided the floating-rate loan for the acquisition, renovations and other re-leasing efforts, sources said.
The new owners plan to lease the space to new tenants after the Girl Scouts vacate the 14th through 17th floors this winter. The four floors, spanning a total of 72,000 square feet, are expected to be fully vacant by mid-January. The Girls Scouts will continue to own and occupy the ninth through 13th floors.
A Newmark Grubb Knight Frank [TRDataCustom] team led by Jordan Roeschlaub and Daniel Fromm brokered the financing. The brokers declined to comment, while the buyers could not be reached.
AM Property and Quality Capital was initially seeking a loan of $42.9 million, according to an offering memorandum for the financing.
Hammerson Property Investment and the Development Corporation of London developed the building in 1990. Developer Steve Witkoff is among the other owners of condos in the buildings, with four floors spanning 116,000 square feet.