Clarion Partners and MHP Real Estate Services borrow $372M from ING Real Estate Finance for property in Financial District

Clarion Partners and MHP Real Estate Services through the entity Downtown NYC Owner, LLC as borrower signed a loan agreement with lender ING Real Estate Finance through the entity ING Capital LLC valued at $372.0 million for 1 parcel, including the tax class office building tower type with 20 or more stories (O4) at 180 Maiden Lane in Financial District. The deal closed on December 30, 2019 and was recorded on January 2, 2020.
The property contains a total of 1,079,361 square feet of built space.
The average loan per buildable square foot is $309.
The debt includes a combined $38.3 million building loan and project loan. The total debt replaces $264 million provided by Blackstone Group’s Blackstone Mortgage Trust. The last time the property sold was January 7, 2015, when MHP and Clarion bought the tower for $470,000,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on September 21, 2012.
Over the past five years, there have been 159 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 5 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $3,158,264. There were 154 renovation/alteration projects (A2) applied for with a total estimated value of $129,831,535.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link