Benchmark signs $20M refi with Starwood for 17-unit rental in Tribeca

Benchmark Real Estate Group through the entity 45 White Lp as borrower signed a refi loan with lender Starwood Property Trust through the entity Scredit Real Estate Capital, LLC valued at $20 million for the 17-unit residential elevator building (D5) at 43 White Street in Tribeca, Manhattan.
The deal closed on June 27, 2024 and was recorded on July 11, 2024. The prior lender was Blackstone Group which held debt that had an original loan amount of $20.2 million.The property has 33,500 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $597 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 owner bought the property on July 13, 2017, for $141.5 million. The signatory for Benchmark Real Estate Group was Jordan Vogel. The signatory for Starwood Property Trust was Joseph Rothenberg.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Jordan Vogel, head officer and Aaron Feldman, officer. The business entities are Bechmark Real Estate Group and 45 White Lp.

The property

The residential elevator building with 17 residential units in Tribeca has 33,500 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 49 feet and is 99 feet deep with a total lot size of 4,993 square feet. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The property is in the Tribeca East Historic District. The city-designated market value for the property in 2022 is $11.8 million. The most recent loan totaled $35.3 million and was provided by Signature Bank on March 6, 2020.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $100 in OATH penalties in the last year.

Development

For the tax lot building, it received a renovation initial certificate of occupancy on February 18, 2020. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of three of the 14 commercial properties representing 53,299 square feet of the 262,673 square feet. The largest owner is Tatar Holding, followed by Benchmark Real Estate Group and then Azure Investment Capital.
There are no active new building construction projects on this tax block.

The majority, or 45 percent of the 262,673 square feet of built space are elevator buildings, with mixed-use buildings next occupying 34 percent of the space.

The borrower

The PincusCo database currently indicates that Benchmark Real Estate Group owned at least 11 commercial properties with 400 residential units in New York City with 310,930 square feet and a city-determined market value of $112.8 million. (Market value is typically about 50% of actual value.) The portfolio has $123.5 million in debt, with top three lenders as Signature Bank, MetLife, and Metropolitan Commercial Bank respectively. Within the portfolio, the bulk, or 81 percent of the 310,930 square feet of built space are elevator properties, with walkup properties next occupying 13 percent of the space. The bulk, or 80 percent of the built space, is in Manhattan, with Brooklyn next at 20 percent of the space.

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