Waterfall Asset buys $75M note from Deutsche Bank secured by Normandy’s LIC conversion

A Waterfall Asset Management fund, WF CREL 2020 Grantor Trust, bought a $75 million note from Deutsche Bank secured by Normandy Real Estate Partners and Drake Street Partners’ Long Island City conversion project at 47-37 Austell Place, an office building with commercial with one to six stories (O5).

The deal closed on December 23, 2020 and was recorded on January 11, 2021.
The property contains a total of 155,265 square feet of built space.

This is the assignment of a loan with a maximum principal of $75 million provided in 2018 by Deutsche Bank. Deutsche assigned the loan to Waterfall. The last time the property sold was November 5, 2015 for $35,000,000.

Over the past five years, there have been 13 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 $10,000,000. There were 12 renovation/alteration projects (A2) applied for with a total estimated value of $5,607,273.

Direct link to Acris document. link