Savanna obtained financing of $20M from Aareal Capital in Nomad

Savanna through the entity 31 West 27th Street Property Investors IV, LLC as borrower signed a loan agreement with lender Aareal Capital Corporation valued at $19.7 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 31 West 27 Street in Nomad. The deal closed on August 29, 2019 and was recorded on September 06, 2019. This package includes an amended building loan mortgage valued at $14 million and a supplemental debt package of $5.7 million. In 2017, Savanna borrowed $83.45 million at the time of purchase and added additional building and project loan of $7.25 million.
The property contains a total of 106,800 square feet of built space.
The average loan per buildable square foot is $185.
The last time the property sold was July 13, 2017, for $126,000,000, when Savanna acquired the property.

Over the past five years, there have been 41 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 $139,238. There were 39 renovation/alteration projects (A2) applied for with a total estimated value of $8,061,582.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.

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