Chetrit Organization borrows $156M from LoanCore Capital for office tower in Financial District

The Chetrit Organization along with Michael and John Chetrit, through the entity CF 1 Whitehall LLC as borrower signed a loan agreement with lender LoanCore Capital Credit REIT LLC valued at $156.0 million for the office tower at 1 Whitehall Street in Financial District. The deal closed on October 18, 2019 and was recorded on October 24, 2019.
The property contains a total of 321,994 square feet of built space.
The average loan per buildable square foot is $484.
Nearly all of the borrowed money is new debt, as the prior owner, Rudin Management, had only $7.4 million in debt on the building, provided by Genworth Life and Annuity Insurance Company.

Over the past five years, there have been 31 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 31 renovation/alteration projects (A2) applied for with a total estimated value of $7,424,697.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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