Athene Annuity assigned $432M in debt to CMBS

Athene Annuity assigned four loans totaling $432 million to a new commercial mortgage backed security loan, Hamlet Securitization Trust 2020-CRE1, which totals $1.9 billion. There could be more loans in New York City, but these are the first to be recorded.

In the largest, Athene assigned $25o million of debt on Metro Loft Management’s parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 533 residential units at 20 Broad Street in Financial District.
The property contains a total of 466,820 square feet of built space.

The last time the property sold was December 21, 2015, for $185,000,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 533 residential (or hotel) units on September 10, 2018.
Over the past five years, there have been 29 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $40,046,220. Those filings sought to increase the number of residential units by 533 to 1,066 There were 27 renovation/alteration projects (A2) applied for with a total estimated value of $7,794,470.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

The second loan assigned was originally provided to Walter & Samuels and valued at $70 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 500 8th Avenue in Garment District. The deal closed on May 29, 2020 and was recorded on June 9, 2020.

The property contains a total of 243,350 square feet of built space.
The average loan per buildable square foot is $.

The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on June 9, 2014.
Over the past five years, there have been 19 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 19 renovation/alteration projects (A2) applied for with a total estimated value of $3,877,510.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

The third loan assigned was originally provided to Walter & Samuels valued at $60 million for 1 parcel, including the tax class public elementary junior and senior high schools (W1) at 227 West 61st Street in Lincoln Square. The deal closed on May 29, 2020 and was recorded on June 9, 2020.
The property contains a total of 75,325 square feet of built space. The property has 135,692 square feet of available development rights.
The average loan per buildable square foot is $.

Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $9,558,777.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

The fourth loan assigned was originally provided to Pan Am Equities valued at $52.0 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 46 residential units at 103 East 86th Street in the Upper East Side. The deal closed on May 29, 2020 and was recorded on June 9, 2020.
The property contains a total of 91,260 square feet of built space. The property has 100,621 square feet of available development rights.

The last time the property sold was February 12, 2019, for $90,500,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 49 residential (or hotel) units on July 30, 2012.
Over the past five years, there have been 27 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 27 renovation/alteration projects (A2) applied for with a total estimated value of $5,298,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link