Pan Am refinances downtown portfolio
People's United Bank provided the debt
Pan Am Equities has secured a total $60.6 million in financing for four projects in Lower Manhattan.
The financing, provided in four separate transactions by People’s United Bank, will replace previous debt on 37-39 West 16th Street and 43 West 16th Street, 1556 York Avenue and 253 West 14th Street. The loan package includes $16.3 million in new financing.
Pan Am Equities and People’s United Bank did not immediately respond to requests for comment.
The loan from People’s is one of several Pan Am has secured in recent years. Last year, the firm, which is the best known investment vehicle of the Manocherian real estate family, refinanced the 431-unit Caroline building at 60 West 23rd Street, securing $200 million from lender Massachusetts Mutual.
In 2016, Pan Am sold a six-building package in the East Village to the Lightstone Group for $127 million. One of the buildings, a 13-story, 311-key hotel at 112 East 11th Street, will be transformed into a 311-key hotel called Moxy East Village.