Signature Bank has provided $61.7 million in financing on a commercial office building in the Garment District of Manhattan at 320 West 37th Street.
The seven-year loan carries a 3.75 percent interest rate with a five-year extension option, Real Estate Capital has learned.
The refinancing includes a new $41.7 million loan that has been consolidated with an existing $20 million consolidated loan the bank provided in May of 2014, when Sioni Group paid the Albanese Organization $36 million for the asset. The 15-story, 100,000 sq ft building, between Eighth and Ninth avenues, has about 93,000 sq ft of office space and 7,000 sq ft of retail space, which is being repositioned.
Sioni’s Payman Yadidi, a real estate investor also tied to the Sioni Apparel Group, signed off on the loan agreement on behalf of the ownership group. The apparel business holds its offices down the street at 320 West 37th Street.
Signature Bank expanded its loan business by 7.4 percent in the fourth quarter of 2015. The bank’s loan book, excluding loans held for sale, reached $22.96 billion in the fourth quarter, growing $1.57 billion, or 7.4 percent, from the previous quarter — and 34.6 percent from the fourth quarter of 2014. That increase was “primarily driven by growth in commercial real estate and multifamily loans as well as specialty finance,” the bank said in its Q4 report.
The bank in January completed its underwritten public offering of 2.2 million shares of common stock at $134.9489 per share. The bank did not respond to requests for comment, and Yadidi could not be reached.