Aurora JV Lands $293M Manhattan Refi
The asset contains both office and retail space.
Aurora Capital and William Gottlieb Real Estate and have obtained $293.2 million to refinance the loan associated with 40 Tenth Ave., also known as Solar Carve, a 158,957-square-foot tower in Manhattan’s Meatpacking District.
Corebridge Financial provided the fixed-rate, permanent financing in a deal arranged by Walker & Dunlop. The new loan replaces a $290 million loan originated by Deutsche Pfandbriefbank in 2021, according to Yardi Matrix data.
Completed in 2019, 40 Tenth Ave. includes 112,241 square feet of office space from floors three through 10, all of which is leased, and 46,716 square feet of retail space on the ground and second floors. Office tenants include Starwood Capital Group, WestCap Management, RTW Investments, Stripes and Checkout.com. Hyundai Motor occupies the property’s entire retail component.
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The building offers more than 18,000 square feet of landscaped private outdoor space, including a rooftop terrace of about 10,000 square feet and a planted second-floor terrace of about 8,000 square feet. The property was designed by Studio Gang architectural firm to achieve LEED Gold certification.
40 Tenth Ave. features a diamond-shaped curtain wall engineered to eliminate shadows and minimize heat gain, reduce glare and deter migratory bird strikes. Floor-to-ceiling windows allow for natural light to reach every workspace in the building, besides offering panoramic views. The property is adjacent to the High Line linear park.
Walker & Dunlop Capital Markets Institutional Advisory, led by Senior Managing Directors Dustin Stolly, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz and Sean Reimer, along with Managing Director Jordan Casella and team member Stanley Cayre arranged the transaction.
Lots of refis in NYC
Strong office fundamentals in New York City—including the second-lowest vacancy in the nation after Miami and the market’s ability to maintain the nation’s highest rents—have kept development relatively strong across the region. As of April, Manhattan had 3.3 million square feet of office space underway across nine projects, or 0.7 percent of its existing inventory, which is on par with the national average, according to a Yardi Matrix report.
Refinancing for newly completed projects and other properties is occurring at a brisk pace. Earlier in September, Global Holdings obtained a $382.4 million refinancing loan for 120 Park Ave., its 620,000-square-foot office asset in Midtown Manhattan. Wells Fargo and LBBW co-originated the note, which includes $360.5 million in initial proceeds and retires the existing $335 million debt on the property.
And in August, Sovereign Partners secured a $235 million refinancing loan for The Gardens at 780, its 510,000-square-foot office high-rise in Manhattan’s Plaza District. Rialto Capital Management issued the note.
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