Vanbarton Group ups debt by $52M to $98M in refi with MSD Partners for office project in Tribeca

Vanbarton Group through the entity 13-17 Laight Ny LLC as borrower signed a refi loan with lender MSD Partners through the entity Msd Rcof Partners XXXI, LLC valued at $98 million for the office building (O6) at 13-17 Laight Street in Tribeca, Manhattan.

Vanbarton is increasing the size of this office building with the address 15 Laight Street, as Yimby reported earlier this year.
The deal closed on December 9, 2021 and was recorded on December 29, 2021.
The property has 117,291 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $835 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 September 22, 2016, for $90 million.
The signatory for Vanbarton Group was Justin Kleinman. The signatory for MSD Partners was Kenneth Gerold.

The new financing includes $52 million in new debt through a gap loan. Justin Kleiman is principal and COO of Vanbarton Group. Gerold is senior corporate counsel at MSD.
The owners according to the Department of Housing Preservation and Development includes Justin Kleinman, head officer and Charles Robles, site manager. The business entity is 13-17 Laight Ny Llc.
Within a 400-foot radius of 13-17 Laight Street, Pincusco identified one commercial real estate item of interests occurred over the past 24 months.
It was a loan which Jeffrey Bennett borrowed $5 million from Sterling National Bank secured by four condo units in the 2,910-square-foot, six-unit mixed-use building (RM) on 32 Laight Street on February 14, 2020.

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