Savanna obtained financing of $51M from Mesa West Core Lending Fund

Savanna through the entity 24 West 25Th Street Property Investors Iv, LLC as borrower signed a loan agreement with lender Mesa West Core Lending Fund, LLC valued at $50.9 million for 1 parcel, including the tax class office bank building designed exclusively for banking (O6) at 24 West 25 Street in Flatiron. The deal closed on August 08, 2019 and was recorded on August 15, 2019.
The property contains a total of 133,561 square feet of built space.
The average loan per buildable square foot is $381.
The last time the property sold was May 23, 2019, for $107,350,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on September 07, 2012.
Over the past five years, there have been 23 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 $9,000. There were 22 renovation/alteration projects (A2) applied for with a total estimated value of $4,947,616.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link