AM Property, others, add $5.8M in debt at 80-90 Maiden Lane in FiDi

A joint ownership of AM Property Holding, Meadow Partners and a stake initially acquired by Normandy Real Estate Partners in 2014, through the entity NK 80 Maiden Owner, LLC as borrower signed a loan agreement with lender Deutsche Pfandbriefbank valued at $5.8 million for 2 parcels, including the tax class office building tower type with 20 or more stories (O4) at 80 Maiden Lane and 90 Maiden Lane in the Financial District. The deal closed on July 1, 2020 and was recorded on July 31, 2020.

This new debt is on top of a $250 million financing package in 2018 that Normandy and partners obtained.

The signatory for the ownership entity was David Welsh, a founder and former executive at Normandy Real Estate Partners. Columbia Property Trust acquired Normandy’s operating platform and its general partner interests in three funds for $100 million in a deal that closed in January. Welsh did not join Columbia and along with Finn Wentworth and Giorgios Vlamis, formed Senlac Ridge Partners. These properties are not included among the former Normandy properties now listed as part of the Columbia Property portfolio.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for at least one of the buildings on January 29, 2015.
Over the past five years, there have been 52 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $90,000. There were 51 renovation/alteration projects (A2) applied for with a total estimated value of $8,125,757.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link