Vanbarton cuts debt by 27% to $65M at former Prodigy FiDi hotel

Vanbarton Group through the entity 84 William Street Property Owner LLC as borrower signed a loan agreement with lender Canadian Imperial Bank Of Commerce valued at $65.5 million for 1 parcel, including the tax class extended stay/suite: amenities similar to apt; typically charge weekly rates & less expensive than full-service hotel (HS) and containing 137 units at 84 William Street in Financial District. The deal closed on November 24, 2020 and was recorded on December 2, 2020.
The property contains a total of 122,959 square feet of built space.
The average loan per unit is $478,102.
The debt was cut by 27 percent from $90 million provided in 2016 to $65.5 million.The signatory for Vanbarton was Justin Kleinman, company COO.

Vanbarton acquired a stake in the property from Prodigy Network and Shorewood Real Estate Group in 2019.

Over the past five years, there have been 8 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 8 renovation/alteration projects (A2) applied for with a total estimated value of $86,900.

Direct link to Acris document. link