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Tuesday, 19 May 2015

Blackstone Lends $320Mln Against Office Space at Manhattan's Woolworth Building

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Commercial Real Estate Direct Staff Report

Blackstone Mortgage Trust Inc. has provided $320 million of financing against the 811,791 square feet of office space at the Woolworth Building in lower Manhattan.

The floating-rate mortgage matures in two years, but can be extended for three additional one-year terms.

It was used by the property's owner, a venture of the Witkoff Group and Cammeby's International Group, to retire $250 million of debt that was slated to mature next month. A $200 million senior piece of the debt was securitized through Banc of American Commercial Mortgage Trust, 2005-C3, and paid a 5.151 percent coupon.

The property, at 233 Broadway, is 96 percent leased by tenants that include the General Services Administration, with 112,692 sf through October; New York University, with 94,076 sf through December 2017; the New York City Police Pension Fund, with 56,196 sf through July 2030; law firm Cochran Firm, with 32,076 sf through September, and online art gallery operator Artnet Worldwide Corp., with 28,098 sf through April 2023.

The GSA, whose lease does not include a renewal option, pays annual rent of $5.1 million, or $44/sf.

The property generated $13.4 million of net cash flow last year, up from $12.7 million in 2013, according to Trepp LLC.

The office space is in the lower 28 floors of the 57-story building, which was constructed in 1913. Three years ago, a group led by Alchemy Properties purchased the top 30 floors of building for $68 million and converted it into 34 residential condominium units, with asking prices starting at $3.5 million.

The Witkoff/Cammeby's venture bought the building in 1998 for $137.5 million.

Comments? E-mail Josh Mrozinski or call him at (267) 247-0112, Ext. 213.



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Additional Info

  • Syndicate to Realpoint: No
  • Cities: New York City
  • States: New York
  • Sector: Office
  • Subject: Mortgages/Financing (MOR)
  • Deal Name: Banc of America Commercial Mortgage Inc., 2005-3
  • Company: BNP Residential Properties Inc.
  • Valuation: More than $150 million
  • Private: No
  • bloombergDealName: BACM 2005-3
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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