Taconic Partners signs $300M refi loan with Apollo Global in Lincoln Square

Taconic Partners through the entity 125 West End Office Associates LLC as borrower signed a refi loan with lender Jackson National Life Insurance Company and Apollo Global Management through the entity Jackson National Life Insurance Company valued at $300 million for the property at 125 West End Avenue in Lincoln Square, Manhattan.
The deal closed on February 6, 2023 and was recorded on February 10, 2023. The prior lender was Jackson National Life Insurance Company which held debt that had an original loan amount of $139 million.
The owner bought the property on March 12, 2021, for $222 million. The signatory for Taconic Partners was Andrew Zlotnick. The signatory for Jackson National Life Insurance Company and Apollo Global Management was Jeffrey Horowitz.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

The block

On this tax block, PincusCo has identified the owners of 17 of the 79 commercial properties representing 4,218,059 square feet of the 6,616,030 square feet. The largest owner is GID Real Estate Investments, followed by Greg Manocherian and then Taconic Partners.
On the tax block, there were six new building construction projects totaling 3,027,811 square feet. The largest is a 645-unit, 878,798-square-foot R-2 building developed by John Gagnier with plans filed May 6, 2015 and permitted December 13, 2016. The second largest is a 361-unit, 754,739-square-foot R-2 building developed by Yoel Shargian with plans filed October 2, 2013 and permitted April 3, 2015.

The majority, or 95 percent of the 4 million square feet of built space are elevator buildings, with specialty buildings next occupying 5 percent of the space.

The borrower

The PincusCo database currently indicates that Taconic Partners owned at least 35 commercial properties in New York City with 2,920,930 square feet and a city-determined market value of $486.4 million. (Market value is typically about 50% of actual value.) The portfolio has $986 million in debt, with top three lenders as Upper Manhattan Empowerment, Union Labor Life Insurance Company, and LoanCore Capital respectively. Within the portfolio, the bulk, or 39 percent of the 2,920,930 square feet of built space are walkup properties, with office properties next occupying 30 percent of the space. The bulk, or 51 percent of the built space, is in Bronx, with Manhattan next at 49 percent of the space.

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