Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Tuesday, 05 March 2013

DekaBank Lends $168.5Mln Against Manhattan's Milk Studios Building

Written by 
Rate this item
(0 votes)

Commercial Real Estate Direct Staff Report

DekaBank Deutsche Girozentrale has provided $168.5 million of financing against the 325,000-square-foot Milk Studios Building in Manhattan.

The loan was used by the building's owner, Jamestown Properties, to replace $150 million of bridge financing that had been provided by a venture of Rockpoint Group and Stellar Management.

The venture earlier this year sold the building, at 450 West 15 St. in the Meatpacking District, to Jamestown for $295.5 million, or $909.25/sf. The purchase of the building and the debt were arranged by Eastdil Secured. The Rockpoint/Stellar team had purchased it from an Angelo, Gordon & Co. venture in 2008 for $161 million.

The building, between Ninth and 10th Avenues, was constructed in 1936 and was part of the Nabisco cookie complex. Since then, it has served as a storage building before it was converted into office space. The fully-occupied property is named after tenant, arts and media company Milk Studios.

Other tenants include Giorgio Armani, which has 60,000 sf, and inVentiv Health, which has 75,000 sf.

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


“The Weekly”

“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

  • Breaking mortgage, CMBS, and REIT news

  • Quarterly league tables with rankings of B-piece buyers, book runners, and lenders

  • Industry moves and changes in “The Insider“

Additional Info

  • Syndicate to Realpoint: No
  • Cities: New York City
  • States: New York
  • Sector: Office
  • Subject: Mortgages/Financing (MOR)
  • Valuation: More than $150 million
  • Private: No
Read 395 times Last modified on Tuesday, 05 March 2013

Data Digest







Top Bookrunners
Private-Label CMBS - FY2014
Inv Bank #Deals Bal $mln MktShr%
Deutsche Bank 27.1  23,479.37 26.3
JPMorgan 18.6  13,752.01 15.4
Wells Fargo 17.2  13,085.05 14.6
Goldman Sachs 9.0  7,896.25 8.8
Citigroup 9.1  7,526.97 8.4





cppichart FP





Top Loan Contributors
Private-Label CMBS FY2014
Lender Vol $mln MktShr%
Deutsche Bank 14,005.13 16.0
JPMorgan 11,440.63 13.0
Wells Fargo 5,849.16 6.7
CCRE 5,750.69 6.6
Citigroup 5,604.13 6.4





  • Challenging Retail Environment Weights on REITs
    Mixed economic news is weighing on retail markets, pushing REIT performance down in 2015. This week, the National Retail Federation announced that back-to-school spending is expected to be down 9.3% in 2015. This news came on the heels of a report from the Commerce Department stating that retail sales declined 0.3%...
  • US REITs Feeling Effects from Turmoil in Greece and China
    International economic forces have taken center stage this week, affecting both US stock markets and REITs. The crash in the Chinese stock market and ongoing concerns about the future of Greece in the eurozone drove markets down during the first half of the week. REITs fared better than the overall market...

  • What Does Increased Construction Mean for Apartment REITs?
    REITs so far this year have raised $17.1 billion of capital through the sale of unsecured notes, bringing the total raised over the past two and a half years to just more than $75 billion. That’s more than they raised during the previous five years. The massive volume shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark...
shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark against which most REIT’s price their bonds