Stolly, Roeschlaub, Scribani, Kramer and Kane of NKF Capital Markets arrange $250 million loan refinancing

November 20, 2018 - Financial Digest
Dustin Stolly, NKF

 

Dustin Roeschlaub, NKF

 

Manhattan, NY Normandy Real Estate Partners, Meadow Partners, and AM Property Holding Corp. (the sponsorship) refinanced 80-90 Maiden Ln., having secured a $250 million floating-rate loan from global real estate investment manager, Invesco Real Estate. The two adjacent, newly renovated office buildings with ground-level retail sit in the heart of the Financial District and combine for over 610,000 s/f. NKF Capital Markets represented the sponsorship.

“The newly-renovated properties at 80-90 Maiden Ln. sit in a prime location in the Financial District – in close proximity to major subway lines, the PATH, and ferry services – and are adjacent to One Chase Manhattan Plaza, four blocks from the World Trade Center, and six blocks from the Seaport District,” said Travis Feehan, principal, Normandy. “We’re excited to continue executing on our strategy with new leasing initiatives and continued capital improvements, including a full renovation of the retail façade.”

80-90 Maiden Lane - Manhattan, NY

“80-90 Maiden is a very special project for ownership and we’re very pleased to have Invesco as a lending partner for the property’s re-introduction to the market,” said Greg Blake, director, Meadow Partners.

“We’re excited to be working with an industry leading lender who also understands the ownership side. We expect this to be the beginning of a long and productive relationship,” said Andrew Shields, CFO of AM Property Holding Corp.

The NKF Capital Markets team was led by vice chairmen and co-heads, debt & structured finance, Dustin Stolly and Jordan Roeschlaub, along with managing directors Nick Scribani and Chris Kramer, as well as associate director Dylan Kane also contributing. 

“80-90 Maiden Ln. offers substantial upside through new mark-to-market leasing with average in-place office rents over 30% below market,” said Stolly.

The Invesco real estate team included Yorick Starr, senior director, structured investments and Bert Crouch, managing director, Structured Investments.  Starr said, “With this loan, we are delighted to begin a productive relationship with both AM Property Holdings and Meadow Partners, while at the same time, expanding the previously successful partnership with Normandy Real Estate Partners.”

The loan has been originated by one of Invesco Real Estate’s strategies targeting attractive, risk-adjusted, predominantly income, returns through US commercial real estate loan originations with strong credit profiles.

The business plan for Maiden Lane is to reintroduce the properties to the Downtown Manhattan market, a newly-renovated, pre-war office asset and benefit from a significant mark-to-market opportunity, given the continued leasing strength witnessed in the submarket.

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