Natixis Real Estate Capital provided a $59.6m loan to Savanna for the acquisition of a new retail property in Manhattan’s Meatpacking District, according to city property records.
Savanna, a New York-based real estate private equity and asset management firm, paid $86m for the property at 461 West 14th Street, records show.
The loan-to-value works out to about 70%.
Sellers Brandon and Michael Miller — of Real Estate Equities Corp. and Alfieri Development — purchased the former Mobil gas station site for $60m in December 2011, transforming it into a nearly 25,000 sq ft retail asset with three storefronts.
The property sits on the corner of 14th Street and 10th Avenue, across from a main entrance to the popular High Line park.
“461 West 14th Street offers unparalleled corner visibility and access along the thriving 14th Street retail corridor,” said Justin Oates, senior associate at Savanna, in a statement announcing the acquisition earlier this month. (The acquisition price and financing were not previously disclosed).
“Situated directly north of the High Line entrance on 14th Street and facing Chelsea Market on the 15th Street side, the property is uniquely positioned to benefit from the continued growth of the Meatpacking District.”
The new owner has enlisted Avison Young to market the property for lease. Nearby tenants include Apple, Google, Twitter, Levi’s, Sephora, Hugo Boss and newcomers Samsung, Lexus and Restoration Hardware.