Savanna signs $105M refi loan with Cottonwood Group for office building in Midtown
Savanna through the entity 106 West 56th Street Property Investors III, LLC as borrower signed a refi loan with lender Cottonwood Group through the entity CW Parkview Capital Management, LLC valued at $105 million for the office building (O4) at 106 West 56th Street in Midtown, Manhattan.
The deal closed on September 10, 2021 and was recorded on September 23, 2021.
The property has 87,573 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $1,198 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on February 12, 2016, for $48.7 million.
The signatory for Savanna was Nicholas Bienstock.
(123057538)The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building on December 18, 2020. (123057538) Plans for a 75,083 square-foot office (B) were filed on March 28, 2017 and were permitted on June 29, 2018.
Nicholas Bienstock is a managing partner at Savanna.
Within a 400-foot radius of 106 West 56th Street, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, one was in new building development. It was a new building permit application filed on November 13, 2019 for a 259,201-square-foot B building at 125 West 57th Street.
Of those five items, three were for major renovation including a certificate of occupancy change. They were three initial temporary certificate of occupancy issuances for projects that initially costed $30 million. The most recent of these three items was the temporary certificate of occupancy on March 30, 2021 for a 111,074-square-foot R-1 building with 214 residential units at 101 West 57th Street.
One of those five items was a loan which Waterman Interests and J.P. Morgan Asset Management borrowed $198.6 million from Wells Fargo Bank secured by the 540,000-square-foot, one-unit office building (O4) on 127 West 55th Street on March 19, 2021.
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