Educational Housing Services borrows $68M from Helaba for property in Financial District

Educational Housing Services through the entity EHS DII GLS 1 LLC as borrower signed a loan agreement with lender Helaba, which is Landesbank Hessen-Thuringen Girozentrale, valued at $68 million for 1 parcel, including the tax class dormitory (H8) at 55 John Street in Financial District. The deal closed on April 22, 2020 and was recorded on June 29, 2020.
The property contains a total of 109,072 square feet of built space.
The average loan per buildable square foot is $623.
The last time the property sold was August 30, 2019, for $100,950,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 222 units on April 13, 2020.
Over the past five years, there have been 3 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 $1,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $485,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link