El Ad Group and the Peebles Organization obtained financing of $334M from Mack Real Estate Credit Strategies

El Ad Group and the Peebles Organization through the entity Civic Center Community Group Broadway LLC as borrower signed a loan agreement with lender Mack Real Estate Credit Strategies through the entity CMTG Lender 50 LLC valued at $334.0 million for 172 condominium units at 108 Leonard Street in Tribeca. The deal closed on September 10, 2019 and was recorded on September 12, 2019. The Real Deal reported that the entire debt package including unrecorded loans was $450 million.
The property contains a total of 373,546 square feet of built space.
The average loan per square foot is $894, based on the recorded loan figure of $334 million.
The building was issued a temporary certificate of occupancy for a conversion from office to residential (A1) on July 18, 2019.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.