Oxford Properties, CPPIB borrow $604M from Wells Fargo, TD Bank and JPMorgan for St. John’s Terminal

Oxford Properties Group and the Canadian Pension Plan Investment Board through the entity 550 Washington Owner (DE) LLC as borrower signed a construction loan agreement with lender Wells Fargo, TD Bank and JPMorgan Chase Bank through the entity Wells Fargo Bank valued at $604.2 million for 1 parcel, including the tax class commercial condo recorded in Acris (CC) at St. John’s Terminal at 550 Washington Street in Soho. The deal closed on May 4, 2020 and was recorded on May 28, 2020.
The project contains a total of 1.3 million square feet of built space.

This construction financing and debt refinancing contains a $40.4 million project loan mortgage, on top of the $564 million in existing debt previously provided by Deutsche Bank and assigned to the Wells Fargo-led group. The building loan mortgage has not been recorded. Because of the Covid-19 restrictions, building loans were not being recorded with the New York County Clerk, so could not be recorded in Acris. The document says the building loan is intended to be filed. This recorded debt is part of a $973 million construction loan, as reported by the Commercial Observer. CBRE’s James Millon, Tom Traynor and P.J. Finley arranged the financing. The last time the property sold was January 31, 2018, for $700,000,000.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

Correction: An earlier version of this post said no building loans could be filed at the time of this post. However, lenders could begin recording building loans on approximately May 20 in New York City.