Blackstone Mortgage Trust (BXMT) has provided a $247.5m acquisition loan on 180 Maiden Lane, a 1.2m sq ft downtown Manhattan trophy tower that MHP Realty Services and Clarion Partners purchased this week for $470m, Real Estate Capital has learned.
Up to $350m in funds will be made available to the joint venture as it leases up and renovates the property following the departure of anchor tenant American International Group (AIG).
The three-year loan priced at 350 basis points over Libor and carries two one-year extension options.
Bank of China Limited had provided a previous $280m first mortgage to the sellers, SL Green and developer Joseph Moinian of the Moinian Group, in 2011, after SL Green purchased a 49.9% stake in the building.
The glass trophy tower overlooks the South Street Seaport and Statue of Liberty, reflecting a distinctive blue-green hue. Built in 1984, it was one of the dozens of downtown Manhattan office properties to suffer flooding after 2012’s Hurricane Sandy, forcing its evacuation for several months.
SL Green and Moinian redeveloped the property and in July received LEED Certification from the US Green Building Council, which recognizes and promotes sustainable, efficient buildings.
AIG departed the building in April, leaving it about 80% empty, and SL Green subsequently sued the global financial firm for $20m, claiming that its space was left in poor condition. The new owners plan roughly $30m of renovations.
BXMT is one arm of Blackstone Real Estate Debt Strategies (BREDS).