Normandy Real Estate Partners and Invesco Real Estate borrows $200M from TPG Real Estate Finance Trust for property in Flatiron

Normandy Real Estate Partners and Invesco Real Estate through the entity 880 Broadway Tenant, LLC as borrower signed a loan agreement with lender TPG Real Estate Finance Trust through the entity Tpg Re Finance 1, Ltd. valued at $200 million for a commercial condo unit at 888 Broadway and the building 33 East 18th Street in Flatiron. The deal closed on September 18, 2019 and was recorded on October 4, 2019. The Commercial Observer reported the loan as $200 million but transfer records indicate two loans for $106 million each, but the filings are ambiguous.

The last time the property sold was December 12, 2017, for $133 million. Newmark Knight Frank’s Dustin Stolly, Jordan Roeschlaub, Nick Scribani, Chris Kramer, Dylan Kane and John Gallagher, arranged the financing, according to the CO.

Over the past five years, there have been 22 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $5,358,000. There were 20 renovation/alteration projects (A2) applied for with a total estimated value of $13,460,069.

Direct link to the 33 East 18th Street Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
Direct link to 888 Broadway Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

Share this article