Manhattan, New York – The New York Commercial Loans news is on a very unique commercial property, known as Three Columbus Circle. This New York Office Building gets refinanced and the Owners extend their chance to get this Property to be successful. Commercial Mortgage Lenders arranged capital to finance a $260 million commercial loan. This New York Commercial Property was formerly known as the Newsweek Building.
SL Green Realty Corp. received the refinancing so they were able to payoff a $250 million acquisition bridge loan. The Bridge Loan had been recently originated with Deutsche Bank having a hand in that Commercial Loan. Commercial Mortgage Lenders were able to arrange this new Commercial Loan for a five-year term.
The capital was supplied by The Bank of China. Apparently, this is just another example of the Chinese Commercial Property investors dumping plenty of cash into Manhattan, New York. SL Green Realty Corporation is a co-owner with The Moinian Group of this New York Office Tower. There is a history with this New York Commercial Property as there was a campaign for a takeover. The Moinian Group had controlling interest after they acquired a former partner’s 90% interest in 3 Columbus Circle for $250 million back in 2004.
The Financial Giant, Stephen Ross felt this Commercial Property was so hideous that he started the campaign to take control of this New York Office building. If he had gained control of this commercial loan collateral he would have tried to tear it down. The Commercial Real Estate developer Joseph Moinian, updated the property by installing plenty of glass as part of a $100 million renovation.
The Commercial Real Estate developer was finally able to work a deal with Stephen Ross and paid off the commercial loan. At this point, the NNN Commercial Real Estate Owners of Three Columbus Circle can start rounding up retail tenants. This New York Commercial Property may get the New York’s first Nordstrom retail store.
Commercial Loan news of the refinancing came just three months after SL Green Realty Corp. recapitalized the 83-year-old commercial property. This Commercial Loan collateral is situated across from the AOL Time Warner Center and Central Park. SL Green Realty Corp. jumped into this deal through a joint venture (JV) with The Moinian Group that included a $138 million equity investment.
SL Green Realty Corp. and The Moinian Group are primed to complete a $175 million renovation of this New York Commercial Office building. This Commercial Loan collateral will be turned into a top notch office building. This Commercial Loan collateral can end up with as about 79,000 square feet of retail space for Tenants seeking triple net lease properties.
SL Green Realty Corp. received the Commercial Loan as they are known as New York City’s largest office landlord. Currently this is the only fully integrated real estate investment trust (REIT) who strives to obtain primarily Manhattan commercial properties. As of last December in 2010, SL Green Realty Corp. owned a stake in over 57 Manhattan investment properties which total more than 31.5 million square feet. Apart from their Manhattan investment properties, SL Green Realty Corp. holds an interest in over 30 investment properties in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey.
The other commercial loan signor, The Moinian Group is known as one of the industry’s most active commercial real estate development firms. The Moinian Group owns about 20 million square feet of Investment property across the Country. The Moinian Group’s has assets that include high-profile commercial properties in America’s leading cities, such as New York, Chicago, Dallas and Los Angeles. The Moinian Group has a reputation for developing state-of-the-art commercial properties as the Company continues seeking investment opportunities.
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