AM Property, Columbia Property sign $208.9M refi with JPMorgan Chase in Financial District

AM Property Holdings and Columbia Property Trust, recently acquired by PIMCO, through the entity Maple 80 Maiden Minority Owner, LLC as borrower signed a refi loan with lender JPMorgan Chase valued at $208.9 million for two office buildings including the office building at 80 Maiden Lane in Financial District, Manhattan and office building at 90 Maiden Lane in Financial District, Manhattan.
The deal closed on December 15, 2021 and was recorded on January 7, 2022. The prior lender was Deutsche Pfandbriefbank which held debt that had an original loan amount of $197.4 million.
The two properties have 561,134 square feet of built space and 35,299 square feet of additional air rights according to PincusCo analysis of city data. The loan price per built square foot is $372 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 AM Property Holdings and Columbia Property Trust was Paul Wasserman and Travis Feehan. The signatory for JPMorgan Chase was Jessica Wong.
The two properties with a total of 561,134 square feet of built space generated revenue of $18.3 million per year or $33 per square foot, according to a PincusCo analysis of city records.

Paul Wasserman is president and CEO of AM Property Holdings Corp. Travis Feehan is senior vice president of Columbia Property Trust. 
In the Financial District, the majority, or 59 percent of the 118.4 million square feet of built space are office buildings, with residential elevator buildings next occupying 23 percent of the space. In sales, Financial District has the 5th highest sale turnover among other neighborhoods in the city with $1.7 billion in sales volume in the last two years. For development, Financial District has 1.5 times the average amount of major developments relative to other neighborhoods and is the 15th highest in Manhattan. It had 1.3 million square feet of commercial construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

Within a 400-foot radius of 80 Maiden Lane, Pincusco identified three commercial real estate items of interests occurred over the past 24 months.
One of those three items was a sale which Vanbarton Group bought the 122,959-square-foot, 139-unit hotel (HS) on 84 William Street for $73.5 million from Prodigy Network and Shorewood Real Estate Group on December 14, 2020.
Of those three items, two were loans above $5 million totaling $76 million. The most recent of the two was Charles Luk which borrowed $10.5 million from Fieldpoint Private Bank & Trust secured by the 49,197-square-foot, one-unit hotel (H5) on 60 Pine Street on October 4, 2021.

Direct link to Acris document. link