Developers of 10 Jay score $150M loan to finish conversion
Acore Capital finances warehouse-to-office project in Dumbo
Glacier Global Partners and Triangle Assets locked in a $150 million bridge loan to wrap up a 10-story office conversion project at 10 Jay Street along the Dumbo waterfront.
San Francisco-based lender Acore Capital provided the loan, which the developers will use to repay existing debt, complete construction and fund future leasing costs, according to JLL, which brokered the financing.
The developers expect the 221,500-square-foot property to be ready for tenants later this year. They have been converting the warehouse, built in 1897, into an ODA New York-designed office property targeting TAMI tenants.
The firms initially sought to convert the warehouse into 46 residential condominium units, but changed their minds in 2015. Last year, marketing agency Translation LLC signed a lease for 35,000 square feet, at an asking rent of $65 per square foot.
Dustin Stolly, who recently left JLL, and a JLL team led by Kellogg Gaines and Aaron Niedermayer handled the deal. The brokers began a search for $130 million in financing in April.
Elsewhere in Dumbo, Kushner Companies and partners have had luck securing large loans in recent months, including $187 million from Criterion Real Estate Capital for their acquisition of 85 Jay Street and a $325 million Citibank loan for the buyout of Invesco from ownership of Dumbo Heights.
(To view more of ACORE Capital’s financing transactions, click here)