Deutsche Bank has provided a $45 million acquisition financing on two multi-use buildings in the Harlem neighborhood of Manhattan.
The borrower, Thor Equities, purchased the two office and retail properties from a joint venture between DDM Development and CommunEcon Group for $75.5 million, city records show, bringing the loan-to-value to 59.6 percent.
The joint venture won a development grant from the NYC Economic Development Corporation to build the block-long commercial office and retail project at 125th Street to 126th Street along Lexington Avenue in 1997, according to DDM.
Duane Reade and Raymour & Flanigan currently occupy the retail portion of the three-story 53,000 sq ft building at 127-137 East 125th Street. The chain restaurant IHOP occupies 5,300 sq ft of retail space at the base of the 63,000 sq ft building at 126 East 126th Street, with five floors of office space above.
It wasn’t clear at press time whether Thor, which holds a commercial real estate portfolio in excess of $10 billion, including its current development pipeline, will redevelop the space.
Also this week, the German bank purchased a €400 ($443.96) million portfolio of development loans in Spain. The bank and HSBC provided a £500 ($646.27) million loan on the Merry Hill estate in the UK last month and provided a $38 million financing for Marina del Rey Hotel in Marina del Rey, California this May.
Deutsche Bank has total US assets of $83.63 billion as of May 31, 2016. Thor Equities owns property throughout the US, Europe, Canada and Latin America.