L&L, Columbia Property sign $730.8M first mortgage refi loan with Blackstone for Terminal Warehouse in Chelsea
L&L Holding Company and Columbia Property Trust through the entity Terminal Fee Owner Lp as borrower signed a refi loan with lender Blackstone Group, Goldman Sachs, and KKR through the entity Parlex 14 Finco, LLC valued at $730.8 million for the office building (O3) Terminal Warehouse at 261 11th Avenue in Chelsea, Manhattan.
The deal closed on July 23, 2021 and was recorded on August 12, 2021.
The property has 1,129,200 square feet of built space and 0 square feet of additional air rights for a total buildable of 272,000 square feet according to PincusCo analysis of city data. The loan price per built square foot is $647 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 25-Oct-18, for $880 million.
The signatory for L&L Holding Company and Columbia Property Trust was Robert T. Lapidus.
The total construction loan is $1.2 billion, Commercial Observer reported. CBRE Capital Markets’ James Millon, Tom Traynor and P.J. Finley brokered the loan.
Within a 400-foot radius of 261 11th Avenue, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which RXR Realty borrowed $50.0 million from Morgan Stanley and New York Community Bank secured by the 1,835,150-square-foot, 208-unit office building (O6) on 601 West 26th Street on April 8, 2020.
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