New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
77 Water St. in Lower Manhattan Lands $128M Refi
Sage Realty, the leasing and management division of the William Kaufman Organization (WKO), and its co-sponsor, a client of Principal Real Estate Investors, have completed the refinancing of Class-A office building 77 Water St. with a $127.5-million loan.
The 60-month refinancing loan was provided by ACORE Capital’s Eric Ramirez and will be used to fund future capital improvements at the office building in Lower Manhattan’s Financial District. Grant Frankel, Ethan Pond and Tanner McNeil of Eastdil Secured represented the borrower in the deal.
“This loan closing represents a huge step towards an exciting repositioning and modernization at one of Wall Street’s most distinctive buildings,” said Jonathan Iger, CEO of Sage.
With the refinancing loan, Sage plans on redesigning 77 Water’s plaza, arcade, and lobby. Additionally, Sage is collaborating with landscape architect MPFP to design and renovate the ground-floor level’s interior and exterior. WKO originally developed the property in 1970
- ◦Financing
