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
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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