Rudin signs $100M refi loan with Bank of America for office building in Financial District

Rudin Management through the entity 80 Pine LLC as borrower signed a refi loan with lender Bank of America valued at $100 million for the office building (O4) at 80 Pine Street in Financial District, Manhattan.
The deal closed on June 25, 2021 and was recorded on July 9, 2021.
The property has 1,104,184 square feet of built space and 0 square feet of additional air rights for a total buildable of 489,460 square feet according to PincusCo analysis of city data. The loan price per built square foot is $90 per the PincusCo analysis.
The signatory for Rudin Management was Michael Rudin.
(121728648)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on May 30, 2017.
Michael Rudin is executive VP of Rudin Management.
Within a 400-foot radius of 80 Pine Street, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, two were for major renovation including a certificate of occupancy change. They were one permit with a total initial cost of $7.3 million and one initial temporary certificate of occupancy issuance for a project that initially costed $371,000. The most recent of these two items was the temporary certificate of occupancy on March 19, 2021 for a building with no residential units at 100 Wall Street.
One of those five items was a sale which Mack Real Estate Credit Strategies bought the 42,012-square-foot hotel (H3) on 126 Water Street and six other properties for $315.8 million from Hersha Hospitality Trust and Cindat Capital Management on March 4, 2021.
Of those five items, two were loans above $5 million totaling $305.8 million. The most recent of the two was Mack Real Estate Credit Strategies which borrowed $300.0 million from UBSCM 2018-NYCH secured by the 42,012-square-foot, one-unit hotel (H3) on 126 Water Street and five other properties on June 14, 2021.

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