Savanna borrows $680M from Apollo, SL Green for 1 Court Square in Long Island City

UPDATED with correction: Savanna through the entity Waterbridge Court Square Holdings LLC as borrower signed a loan agreement with lenders Apollo Global Management through the entity Acrefi Mortgage Lending, LLC and SL Green Realty, valued at $680 million for 1 parcel, including the tax class office building tower type with 20 or more stories (O4) at 1 Court Square at 25-01 Jackson Avenue in Long Island City. The deal closed on January 3, 2020 and was recorded on January 17, 2020.
The property contains a total of 1,359,110 square feet of built space.
The average loan per buildable square foot is $427.

Apollo provided $580 million and SL Green $100 million. The total recapitalization was $880 million, the Commercial Observer reported, because Junius Real Estate Partners converted a previous equity position into $200 million in preferred equity stake.  The last time the property sold was September 1, 2015, for $480,209,708. Prior lender was Natixis, providing $315 million.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on May 7, 2019.
Over the past five years, there have been 18 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $225,000. There were 17 renovation/alteration projects (A2) applied for with a total estimated value of $5,195,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

Correction: A previous version of this story incorrectly reported the total recorded loan as $580 million.