Harbor Group signs $420M senior mortgage acquisition loan with Goldman, Deutsche Bank in Midtown

Harbor Group International through the entity 51 W. Owner, LP as borrower signed an acquisition loan with lender Goldman Sachs and Deutsche Bank through the entity DBR Investments Co. Limited valued at $420 million for the office building (O4) at 51 West 52nd Street in Midtown, Manhattan.
The deal closed on October 13, 2021 and was recorded on October 26, 2021.
The property has 817,095 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $514 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on March 30, 2007, for $3.8 million.
The signatory for Harbor Group International was Carla R. Stoner. The signatory for Goldman Sachs and Deutsche Bank was Peter Castro and David Goodman.

The total loan including mezzanine debt was $538 million, the Commercial Observer reported. The debt was composed of Deutsche Bank and Goldman Sachs providing $420 million in a senior mortgage and Brookfield Real Estate Finance providing a $138 mezzanine loan. The debt was arranged by CBRE’s James Millon, Tom Traynor and P.J. Finley. Carla Stoner is chief financial officer at Harbor Group.
Within a 400-foot radius of 51 West 52nd Street, Pincusco identified one commercial real estate item of interests occurred over the past 24 months.
It was a permit issued on March 10, 2020 for the $282,000.0 renovation of 1,899,211-square-foot B building with N/A residential units at 1290 Avenue Of The Americas.

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