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Mixed-Use High Rise Receives $108M Mezz Loan

NEW YORK CITY-The Sheffield is located at 322 W. 57th St. and contains 845 apartments, 109,000 sf of office space and 6,900 sf of retail. It also features a 327-space parking garage.

By Melissa Kress | Updated on April 07, 2005

NEW YORK CITY-Vorando Realty Trust has made a $108-million mezzanine loan for the Sheffield, a mixed-used residential property at 322 W. 57th St. The loan is subordinate to $378.5 million of other debt.Built in 1978 near Columbus Circle, the property contains 845 apartment units, 109,000 sf of office space, 6,900 sf of retail and a 327-space parking garage. Although Vornado officials could not be reached for more details on the transaction, GlobeSt.com research shows the 50-story building was bought by a partnership from Rose Associates in January for a reported $418 million. The mezzanine loan matures in April 2007 with a one-year extension, provides for a 1% placement fee and bears interest at Libor plus 7.75%.

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