Hackman Capital borrows $323M from Deutsche Bank to buy Silvercup Studios property in LIC, Bronx

Hackman Capital Partners and Square Mile Capital Management through the entity Silvercup Studios NY, LLC as borrower signed a loan agreement with lender Deutsche Bank valued at $323 million for 10 parcels, including the tax class miscellaneous warehouse (E9) and containing 4 residential units at 34-35 Review Avenue, 21-23 43rd Avenue, 42-25 21st Street, 275 Locust Avenue, 42-02 22nd Street, and others in Long Island City. The deal closed on September 30, 2020 and was recorded on October 8, 2020.
The property has 1,991,567 square feet of built space and available development rights.
The average loan per buildable square foot is $162.
The financing includes a $249 million gap loan. The prior lender was Wells Fargo which assigned approximately $74 million to Deutsche Bank.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
The signatory for the buyer or lender was Brent Iloulian