FiDi Office Building Trades in a Short Sale for $297M

Real estate firm 99c has purchased 180 Maiden Lane for $297 million, sellers Clarion Partners and MHP opting to move forward with a short sale as an alternative to foreclosure. The 41-story, approximately 1.08 million-square-foot full block tower is currently about 68% leased and last traded in 2015 for $470 million and was financed by a $247.5 million loan provided by Blackstone, with a supplemental $16.25 million mortgage issued in November 2018. In 2020, ING Capital refinanced the existing $263.75 million in debt as well as providing a $69.975 million gap mortgage and a $37.8 million building and project loan mortgage. According to documents posted on city records, as part of the July acquisition by 99C, ING Capital reduced and consolidated the existing debt totaling roughly $372 million to $193.05 million, with the executed consolidated, amended, and restated mortgage granting  with irrevocable consent of the mortgagor, the assignment to ING Capital of the rents and leases and other documents or instruments evidencing the rents while “an event of default exists” and “such assignment and grant shall continue in effect until the obligations have been indefeasibly paid in full.” The purchase of the Maiden Lane property marks the second acquisition by 99c, having made its entrance into the Manhattan market in October 2022 with the $252 million purchase of 175 Water Street.

Source :   https://therealdeal.com/new-york/2024/07/09/carlo-bellini-buys-180-maiden-lane-in-short-sale/