MetLife buys $150.75M debt from Square Mile at Silverstein, Taconic’s life sciences project

MetLife Real Estate Lending bought the $150.75 million in debt that Square Mile Capital provided in December 2020 to Silverstein Properties and Taconic Partner’s life sciences project in Clinton.

Metlife Real Estate Lending LLC purchased the debt valued at $150.75 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 619 West 54th Street in Clinton. The deal closed on January 15, 2021 and was recorded on January 27, 2021.
The property contains a total of 320,116 square feet of built space.

Square Mile Capital according to the Commercial Observer provided a total financing package of $205 million. Within that the senior debt totaled $150.75 million, according to property records. It was that $150.75 million that MetLife acquired. The $205 million is to finance the conversion of the building to a life sciences hub.  The last time the property sold was October 18, 2012 for $112,000,000.
Over the past five years, there have been 26 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 26 renovation/alteration projects (A2) applied for with a total estimated value of $9,824,374.

Direct link to Acris document. link

Clarification: An earlier version of this post used the retired name Taconic Investment Partners. The name was changed to Taconic Partners.