Silverstein Properties refis Clinton life sciences development with $151M from Square Mile Capital

Silverstein Properties through the entity Spitip 619W54 Property Owner LLC as borrower signed a loan agreement with lender Square Mile Capital through the entity SM Finance II LLC valued at $150.8 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 619 West 54th Street in Clinton. The deal closed on December 23, 2020 and was recorded on January 8, 2021. The developer is renovating the existing building into a life sciences center.
The property contains a total of 320,116 square feet of built space.
The average loan per buildable square foot is $471.
Silverstein’s total refinance package was $205 million, the Commercial Observer reported, noting Walker & Dunlop’s Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz and Mo Beler arranged the debt. The last time the property sold was October 18, 2012 for $112,000,000. The financing includes a $21.6 million building loan and a $37.8 million project loan. The prior maximum debt was $120 million provided by M&T Bank.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on August 30, 2012.
Over the past five years, there have been 27 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 $410,000. There were 25 renovation/alteration projects (A2) applied for with a total estimated value of $8,837,116.
Direct link to Acris document. link