LCOR borrows $104M from AT Wildcats Finance LLC for property in Financial District

LCOR and through LCOR, the California State Teachers Retirement System, through the entity 25 Broad Street L/Cal LLC as borrower signed a loan agreement with lender AT Wildcats Finance LLC valued at $103.7 million for 1 parcel, including the tax class multifamily, miscellaneous (D9) and containing 308 residential units at 25 Broad Street in the Financial District. The deal closed on September 27, 2019 and was recorded on October 1, 2019.
The property contains a total of 434,515 square feet of built space.
The average loan per unit is $336,628.
The last time the property sold was May 23, 2012, for $170,600,000. LCOR filed a plan with the NYS Attorney General to convert the building into a 308-unit condominium building, which the state agency accepted in April 2019 with a projected sell out price of $395 million. it’s not clear if those plans are still active. The signatory for the lender AT Wildcats was David Klock, CFO at LCOR. The $103.7 million in debt represents a cut from the previous debt level of $110 million provided by Northwestern Mutual Life Insurance Company.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with one residential unit on August 20, 2012.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $443,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link