Natixis Real Estate Capital has provided $101 million in financing on a 21-floor commercial condominium at 17 Battery Place in the Financial District of Lower Manhattan.
The loan replaces $64 million in existing debt of the same amount that the lender provided to owner/borrower Moinian Group in April 2013, according to property records.
The remainder is a $37 million acquisition loan to Nyack College, which has purchased eight-floors of the property for $49.23 million. The Christian liberal arts college had leased the floors as its Manhattan campus since 2013.
Moinian purchased the condo, the North Tower of two towers at 17 Battery Place, from SL Green in 2004 for $70 million with acquisition financing from Wachovia Bank. The North Tower has 478,876 sq ft of rentable space and was built in 1972.
Last week, Natixis provided a $49.4 million loan to Advance Realty for the acquisition of a four-building retail portfolio in Paramus, New Jersey, and the firm has completed several other deals in the northeast in recent months, including a $36.65m, 10-year, fixed-rate CMBS loan to refinance shopping centers in Mendham and Boonton, New Jersey, in October.
The Moinian Group focuses on development in Downtown and the West Side of Manhattan. Natixis and the borrowers did not respond to requests for comment in time for publication.
UPDATE: In addition to the $37 million loan, Natixis also provided a $18 million financing to Nyack College, bringing the total financing on the condo to $119 million, not $101 million as previously reported.