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NYCR Lines Up $50M in Debt from Societe Generale
American Realty Capital New York City REIT (NYCR) has secured a $50-million loan from Société Générale. The 10-year, fixed-rate debt is secured by mortgages on NYCR’s retail condominiums at the Upper East Side’s Laurel apartment tower (pictured), and by a parking garage condominium on the Upper West Side.
The non-listed REIT—not to be confused with onetime sister company New York REIT, which is liquidating—said the 10-year debt fixed at a rate of 4.516% will expand its liquidity position by as much as $47 million of net proceeds. NYCR plans to use the proceeds for acquisitions, capital expenditures and lease-up.
As of March 31, NYCR owned six mixed-use office and retail condo buildings across Manhattan, including 9 Times Square in Midtown.
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- ◦Financing
