Friars Club borrows $9M from Titan Capital for headquarters in Plaza District

Friars Club through the entity The Friars National Association, Inc. as borrower signed a loan agreement with lender Titan Capital ID, LLC valued at $9 million for 1 parcel, including the tax class miscellaneous amusement or recreation including riding academies and stables (P9) at 57 East 55th Street in Plaza District. The deal closed on February 21, 2020 and was recorded on March 4, 2020.
The property contains a total of 14,541 square feet of built space. The property has 33,183 square feet of available development rights.
The average loan per buildable square foot is $271.
Houlihan and O’Malley Commercial Services assigned $5 million of the $6 million in recorded loans it had provided the Friars Club, to Titan, and Titan added a $3 million gap loan.

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