Savanna borrows $200M from Deutsche Pfandbriefbank, Aareal for office acquisition in Garment District

Savanna through the entity 1375 Broadway Property Investors V, LLC as borrower signed a loan agreement with lender Deutsche Pfandbriefbank and Aareal Capital Corp. through the entity Aareal Capital Corporation valued at $200.0 million for 1 parcel, including the tax class office building tower type with 20 or more stories (O4) at 1375 Broadway in Garment District. The deal closed on July 10, 2020 and was recorded on July 16, 2020.
The property contains a total of 464,951 square feet of built space.
The average loan per buildable square foot is $430.
Brookfield Real Estate Finance originated the financing, and syndicated the senior debt to Deutsche Pfandbriefbank and Aareal, and kept a $103.5 mezzanine portion, according to the Commercial Observer. The last time the property sold was May 29, 2015, for $310 million. C&W’s Adam Spies, Steve Kohn, Alex Hernandez, Alex Lapidus and Zachary Kraft arranged the financing.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on August 29, 2017.
Over the past five years, there have been 62 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 62 renovation/alteration projects (A2) applied for with a total estimated value of $13,250,573.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link