L.H. Charney Associates signs $111.1M refi loan with Pacific Coast Capital Partners for Garment District office building

By Varvara Budetti

L. H. Charney Associates signed a $111.1 million first mortgage refinance loan with Pacific Coast Capital Partners for its office building at 1410 Broadway in the Garment District of Manhattan.

This is the first loan in at least two years that PCCP has provided in New York City, according to an analysis of city property records.

The loan package includes a $10 million gap loan, but is still less than the $130 million loan signed by L. H. Charney in 2016 with MetLife Investment Management, the prior lender.

Joseph N. Giannola was the signatory for L. H. Charney Associates, through the entity L. Charney 1410 Broadway, LLC. Pacific Coast Capital Partners acted through the entity PCCP Credit X Reit-Sub Holdco, LLC.

The deal closed on July 27, 2021 and was recorded on August 4, 2021.

The property has 367,212 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $302 per the PincusCo analysis. The analysis is computed by dividing the loan total by the square feet of the building.

Within a 400-foot radius of 1410 Broadway, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.

Of those seven items, two were for major renovation including a certificate of occupancy change. They were one permit with a total initial cost of $1.1 million and one initial temporary certificate of occupancy issuance for a project that initially costed $1.1 million. The most recent of these two items was the temporary certificate of occupancy on March 18, 2021 for a 768,530-square-foot B building with no residential units at 1400 Broadway.

Of those seven items, five were loans above $5 million totaling $1.0 billion. The most recent of the five was Larry Wohl which borrowed $9.6 million from JPMorgan Chase Bank, N.A. secured by the 118,949-square-foot, 97-unit office building (O6) on 108 West 39th Street on March 10, 2021.

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