New York City – We have Commercial Loans news from Manhattan, New York. We saw a unique situation whereas a Commercial Property was obtained through a deed in lieu of foreclosure. A simple procedure for most as it can help relieve the borrower of a debt. A Deed in lieu of foreclosure is a deed instrument in which a mortgagor (the commercial loan borrower) conveys all interest in a commercial property to the mortgagee (the commercial mortgage lender) to satisfy a commercial loan that is in default. This commercial property transaction will help to avoid foreclosure proceedings.
The Commercial Real Estate Investment firm, Savanna was the group that was able to acquire 5 Hanover Square. Savanna first went out and acquired the defaulted commercial mortgage on the commercial property, 5 Hanover Square. The Commercial Real Estate Investment firm has a history of buying up debt and then smoothly using that to position themselves to take control of the commercial property. Last year this commercial property, 5 Hanover Square was owned by Kent Swig who was having problems with paying his commercial loan. Capital One Bank was marketing the commercial mortgage to sell, at that time it had a face value of approximately $55 million.
The Commercial Real Estate Investment firm, Savanna was able to pay $46 million for the commercial loan that had a $55,000,000 million face value. The previous commercial property owner had paid roughly $141 million for the property in 2007. Savanna was able pay all cash to Capital One Bank for the commercial mortgage. The Commercial Real Estate Investment firm, Savanna was then able to work out a Deed in lieu deal with the commercial loan borrower.
The most recent transaction was Commercial Mortgage Lenders arranging a commercial loan for $47 million, with Savanna as the borrower. Savanna can use the commercial loan funds to help lease up the commercial property, replace their cash from the commercial loan purchase. Also Savanna will be able to complete a renovation to certain parts of the building. The Commercial Property was designed by architect Henry G. Greene. The Commercial Loan collateral, 5 Hanover Square, first opened its doors in 1962, in Manhattan’s Financial District.
The Commercial Mortgage collateral, 5 Hanover Square, is currently undergoing a major building renovation which will reposition 5 Hanover Square into a luxury boutique office building. This 25-story Office Building offers first class services, amenities and security to net leased Tenants. The capital improvement renovation that already occurred included a new and relocated building lobby; new core bathrooms and multi-tenant floor upgrades. Also a new two story glass retail store-front for a net leased property was positioned.
The lobby of this Commercial Loan Collateral, was a 1960’s era office building. The lobby situated in this lower Manhattan commercial property, was past its prime. The space was reconstructed in marble and wood, with stepped ceilings, to provide a beautiful, elegant entrance for the main lobby. The Architecture design was by William Savino Associates. Alexander Wolf & Son was the General Contractor.
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