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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Cushman & Wakefield Equity, Debt and Structured Finance Arranges
$230 Million Financing for 100 Church Street in New York, NY |
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Friday, July 13, 2012
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New York, NY
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Cushman & Wakefield Equity, Debt and Structured Finance (“C&W EDSF”), serving as the exclusive advisor to an affiliate of SL Green Realty Corp. (“SL Green”), has arranged a $230 million senior mortgage loan for 100 Church Street in New York, New York. The ten-year fixed-rate financing was provided by Wells Fargo.
100 Church Street is a 21-story, 1.05 million square foot, multi-tenanted, office building located on the full block from Church Street to West Broadway, Barclay Street to Park Place, just two blocks from City Hall and the World Trade Center site at the confluence of Downtown’s trendy and affluent TriBeCa neighborhood and the Financial District.
SL Green acquired the building in 2010 after it had been 56% vacant for over 5 years. A comprehensive redevelopment of the property, which was completed in 2011, included a new lobby, windows, infrastructure upgrades, new roofs and retail repositioning. This repositioning plan has been extraordinarily well-received by the market, resulting in substantial long-term leasing in only two years, including a newly executed extension with the City of New York, bringing the property’s current occupancy to 82%. In addition to the City of New York, major tenants include HealthFirst, Niche Media, Interactive Data Corp, Centerline Capital Group and the State of New York.
Steven Kohn, president of Cushman & Wakefield Equity, Debt and Structured Finance, said, “The combination of the City of New York anchor tenancy and the SL Green Realty Corp. ownership made this one of the most competitive financing offerings brought to market in the past year." The Cushman & Wakefield Equity, Debt and Structured Finance team included Mr. Kohn, Alex Hernandez, Christopher Moyer and Sridhar Vankayala.
About Cushman & Wakefield Equity, Debt & Structured Finance
Cushman & Wakefield Equity, Debt & Structured Finance is a premier real estate investment banking organization serving the financing needs of the real estate industry for over a century. Founded in 1893, and previously known as Sonnenblick Goldman Company, the firm provides a full range of real estate related financial services, including debt and equity placement and joint venture structuring for virtually all product types, investment sales for lodging properties and senior housing/skilled nursing, mortgage loan sales, and advisory services on a global basis as part of the Cushman & Wakefield Capital Markets Group. Headquartered in New York City, Cushman & Wakefield Equity, Debt & Structured Finance has additional offices in Atlanta, Boston, Los Angeles, Orlando, San Diego, San Francisco and Washington DC.
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About Cushman & Wakefield Sonnenblick Goldman
Cushman & Wakefield Sonnenblick Goldman is the industry’s leading independent real estate investment banking firm. The firm was founded as Sonnenblick Goldman in 1893 and it merged with Cushman & Wakefield in 2007. Cushman & Wakefield Sonnenblick Goldman provides a full range of real estate financial services, including debt and equity placements, joint ventures, hospitality investment sales and workout advisory services, and it collaborates world-wide with other divisions of Cushman & Wakefield. Further information can be found at the firm’s website at www.cushwake.com/sonngold.
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