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NEW YORK CITY-Taking advantage of favorable market conditions during the open period of its existing loan, SPI, Inc. has refinanced 120 Wall St. for $70 million. GMAC Commercial Mortgage Corp. provided the "no-cash out" refinance for the 600,000-sf property.
The 34-story class A office building is in the financial district in Lower Manhattan. Tenants include several nonprofit organizations, such as the National Urban League, the Juvenile Diabetes Foundation, AmFAR, the Center for Reproductive Law and the Jewish Child Care Association. Two of the largest for-profit tenants are the law firms Weitz & Luvenberg and Stroock & Stroock, according to GMACCM.
The financing is a fixed-rate, interest-only loan with 56% LTV and carries a seven-year term. Bob Keating, GMACCM senior vice president and managing director in the Red Bank, NJ loan origination office, arranged the loan. "We were able to provide the borrower, a repeat client of GMACCM, with competitive pricing as well as a flexible loan structure," he says.
According to Silverstein Properties' website, space rents in the range of $32 per sf. Also, it states that in cooperation with the city's Economic Development Corp. 120 Wall St. has been designated as "New York City's first and only Association Center." The designation creates real estate tax advantages for nonprofit tenants to benefit from cost-effective office space, the company explains.
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