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$60M Financing for School Building
The owners of a former school building on the Upper West Side received $60 million in 10-year, interest-only financing from Allegiant Real Estate Capital at an interest rate of 4.65%, arranged by JLL. The owners will make reduced payments that cover only the interest on the loan.
The building at 227 W. 61st St. is fully occupied by the New York City School Construction Authority. The SCA is currently executing a $20 million capital improvement program to modernize the school space, and upgrade common areas and finishes.
“When it came to this property, with the strong single-tenancy of the New York City public school, we saw an opportunity to partner with JLL to reach beyond our normal pool of lenders and capitalize on this tremendous asset,” said Peter Weiss, senior executive managing director and principal for Walter & Samuels, which heads the investment group that owns the building.
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