Silverstein Properties refis 120 Broadway with $165M from Wells Fargo

Silverstein Properties through the entity 120 Wall Property Owner, LLC as borrower signed a loan agreement with lender Wells Fargo Bank valued at $165 million for 1 parcel, including the tax class office building tower type with 20 or more stories (O4) at 120 Wall Street in Financial District. The deal closed on October 1, 2020 and was recorded on October 8, 2020.
The property contains a total of 582,412 square feet of built space.
The average loan per buildable square foot is $283.
The financing included a $30 million gap loan.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on February 18, 2020.
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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $310,000. There were 61 renovation/alteration projects (A2) applied for with a total estimated value of $18,726,567.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
The signatory for the buyer or lender was Michael L. Levy