L&L, Safehold lock in $592M in financing for Downtown building

Building recently sold in two deals

195 Broadway and L&L Holding's David Levinson and Robert Lapidus (Credit: Google Maps and L&L Holding)
195 Broadway and L&L Holding's David Levinson and Robert Lapidus (Credit: Google Maps and L&L Holding)

UPDATE: Friday, Nov. 8, 2019, 2:10 p.m.: L&L Holding Company and its partners have secured a $350 million financing package for 195 Broadway, a 29-story Manhattan office building in which the partners recently took a majority stake.

The lender was Germany-based Landesbank Hessen-Thüringen Girozentrale (Helaba), according to property records filed Thursday. The deal includes a nearly $171 million mortgage. L&L declined to comment and the bank did not respond to a request for comment.

The loan is a five-year deal, equally split between Helaba and DekaBank, with two one-year extensions and will be further sold down by Helaba, according to people close to the transaction.

L&L, founded by David Levinson and Robert Lapidus, had owned a 5 percent stake in the property with JPMorgan’s asset management arm. But the bank recently opted to sell its fee and leasehold positions in the property in two deals valued at $800 million.

L&L brought in Korea Investment & Securities and Samsung to acquire the remaining interest, and Safehold, a ground-lease real estate investment trust controlled by iStar, took the ground beneath the building for $275 million.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

Meanwhile, New York Life Insurance lent Safehold $242 million for its part of the deal, according to property records. Representatives for the firms did not immediately respond to inquiries.

L&L purchased the building, located a block from the World Trade Center, in 2005 for about $266 million and has had several partners involved in the asset over the year.

JPMorgan entered the scene in 2013, acquiring its stake in a deal that valued the property at $500 million.

Update: This article was updated to include additional details about L&L’s loan.