H&R REIT scores $250M refi for 2 Gotham Center
Three life insurers provided financing for the LIC office building
H&R Real Estate Investment Trust pulled off $250 million to refinance its 22-story office building 2 Gotham Center in Long Island City.
The financing comes from Northwestern Mutual Life Insurance Company, Great-West Life Assurance Company and Canada Life Financial Corporation, the Commercial Observer reported. The debt replaces a $250 million mortgage from the same three companies, according to the publication.Canada-based H&R used that funding to help buy the building from Tishman Speyer for $416.2 million in 2011.
The building — which is fully leased to the New York City Department of Health Mental Hygiene — spans just under 670,000 square feet and is located at 42-01 28th Street.
H&R is working with Tishman Speyer to build a three-building,1,789-unit Luxury Rental Complex Across The Street from 2 Gotham Center at 28-34 Jackson Avenue, 28-10 Jackson Avenue and 30-02 Queens Boulevard. The companies picked up a $640 million construction loan for the development from Bank of America Merrill Lynch and Wells Fargo in 2015. [CO] — Miriam Hall