6R Capital Group signs $42M refi with T30 Capital for FiDi

6R Capital Group through the entity 6R Tribeca Owner 2021 LLC as borrower signed a refi loan with lender T30 Capital through the entity Forthill Tribeca Holder, LLC valued at $42 million for seven properties with 10 residential units including the 10-unit mixed-use building (K4) at 74 Warren Street, at 72 Warren Street, and at 88 West Broadway in the Financial District, Manhattan.
The deal closed on January 12, 2024 and was recorded on February 2, 2024. The prior lender was Ladder Capital which held debt that had an original loan amount of $37 million.The seven properties have 18,681 square feet of built space and 19,306 square feet of additional air rights for a total buildable of 38,006 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $2,248 and the price per buildable square foot is $1,105 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for 6R Capital Group was Shai Shamir. The signatory for T30 Capital was David Schwartz.

Prior sales and revenue

The owner according to the Department of Housing Preservation and Development is Aisha Rodriguez, head officer. The business entity is 6r Tribeca Owner 2021 Llc.

The property

The zoning is C6-3A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 7.52 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.6 million. The most recent loan totaled $37 million and was provided by Ladder Capital on December 17, 2021.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received 10 DOB violations and $400 in OATH penalties in the last year.

Development

For the tax lot buildings, one out of the seven buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Financial District, The majority, or 74 percent of the 79.9 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Financial District has the 4th highest sale turnover among other neighborhoods in the city with $2.3 billion in sales volume in the last two years. For development, Financial District is the 3rd most active neighborhood among other neighborhoods. It had 12.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 16 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On the tax block, PincusCo has identified the owners of four of the nine commercial properties representing 110,494 square feet of the 147,281 square feet. The two identified owners are Stonehill Taylor and 6R Capital Group.
On the tax block, there were two new building construction projects totaling 109,034 square feet. The largest is a 40-unit, 54,534 square-foot residential (R-2) building submitted by Solil Management and filed by Jane Goldman with plans filed August 2, 2016 and it has not been permitted yet. The second largest is a 69-unit, 54,500 square-foot hotel/dormitory/shelter (R-1) building submitted by Stonehill Taylor and filed by Paul Taylor with plans filed June 18, 2019 and permitted February 7, 2020.

The majority, or 52 percent of the 147,281 square feet of built space are mixed-use buildings, with hotel buildings next occupying 41 percent of the space.

The borrower

The PincusCo database currently indicates that 6R Capital Group owned at least four commercial properties with 20 residential units in New York City with 134,986 square feet and a city-determined market value of $33.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 63 percent of the 134,986 square feet of built space are hotel properties, with mixed-use properties next occupying 37 percent of the space. The bulk, or 63 percent of the built space, is in Brooklyn, with Manhattan next at 37 percent of the space.

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