Metlife originates $50m loan on retail condos at Zeckendorf Towers

Metlife has provided a $50 million loan on a retail unit at 1 Irving Place, also known as the Zeckendorf Towers, Real Estate Capital has learned. The loan consolidates existing debt from MetLife with a new $29.8 million bridge loan. MetLife declined to comment on the financing.

Metlife has provided a $50 million loan on a retail unit at 1 Irving Place, also known as the Zeckendorf Towers, Real Estate Capital has learned.

The loan consolidates existing debt from MetLife with a new $29.8 million bridge loan. MetLife declined to comment on the financing.

(Google Maps)
(Google Maps)

Malkin Holdings purchased the retail condominium in the Gramercy Park neighborhood of Manhattan in October of 2013 for about $81.2 million, city property records show.

The retail unit sits below the massive 27-story, 645-unit Zeckendorf Towers condominium building, built in 1988 in the heart of Union Square.

The four-tower — the Gramercy, Village, Park, and University — property is lined with several hundred thousand sq ft of retail along its massive circumference, including a GNC, Starbucks Coffee, Best Buy Mobile, Panera Bread, Food Emporium and several restaurants.

MetLife’s real estate investment group originated $14.3 billion in global commercial real estate loans in 2015, surpassing last year’s record high of $12.1 billion. That was enough to top the Mortgage Bankers Association’s annual originations rankings for life insurance companies.

Recent loans included a $267m loan in January to Mirae Asset Global Investments for the acquisition of 1801 K Street in the nation’s capital, Washington, DC. The five-year, fixed-rate loan represents 60 percent of the $445m the South Korea-based investor paid for the 13-story office property.

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