CRE Finance Council The conference may be kicking off in Miami, but some sources’ minds were still focused on activities in the Big Apple.Thank you for reading this post, don't forget to subscribe!
Non-performing senior loan of $110.6 million 462 broadway Being marketed for sale after the borrower – linked to a company meringue properties – Defaulted on its loan, sources told Commercial Observer.
Aerial Bank (ARL) is the lender on the property, and its note is now being marketed Newmark (NMRK)‘S adam spy, adam donager, jordan rochklab, dustin stolly And chris kramer,
Spokespeople for Meringoff and Ariel did not immediately respond to requests for comment. A Newmark official declined to comment.
The six-story, 165,000-square-foot office and retail property is located at the corner of Broadway and Grand Street in the heart of Manhattan’s SoHo neighborhood, and is currently 84 percent leased. Meringoff has owned the 140-year-old building since 1981.
According to Crain’s New York Business reporting, Ariel made two loans totaling $135 million to Meringoff in 2016, which were later combined into a single mortgage, and gave Meringoff another $14.3 million in 2022 to add a roof to the property. Provided.
However, according to Crain’s, Ariel began foreclosure proceedings against Meringoff in late November, claiming that Meringoff had not paid the loan for several months, leading to default.
The A notes being marketed now were scheduled to mature in April 2024 but were accelerated to September 2023 due to payment defaults, sources said. $38.7 million B note owned by private equity firm PCCP,
A source who attended the bidding on the debt sale at the CREFC conference said he expected a lot of competition for the business. “It’s a beautiful building,” he said.
The same Newmark team is selling debt 229 West 28th Street From Ariel. The transaction is said to be under contract and is expected to close later this month, according to sources.
Kathy Cunningham can be reached at [email protected]. Nicholas Rizzi can be reached at [email protected].