Cherit Group Scores $167M Loan for FiDi Office Property Acquisition

NEW YORK CITY- The Cherit Group, a private real estate development firm, has acquired One Whitehall Street, a 21-story glass and steel mixed-use office property, in Manhattan’s Financial District for $181.5 million. LoanCore Capital sponsored the transaction, providing a $167 million loan for acquisition financing and future funding. Cushman & Wakefield arranged the transaction on behalf of the seller and the buyer.

“This was a rare and exceptional downtown offering and a strategic purchase for the private family buyer,” said Doug Harmon, chairman of capital markets at Cushman, in a prepared statement.

One Whitehall is located between Bridge and Stone Streets and features unobstructed views of the New York Harbor and Battery Park. The property is qualified as a smart building and has open space for the potential creation of outdoor terraces. Emery Roth & Sons designed the 100% occupied property whose tenant roster  includes the US Post Office, Duane Reade, the Regional Plan Association and Topps.

LoanCore Capital has extensive experience with Manhattan office properties, which made the One Whitehall lending opportunity attractive, said Gideon Gil, executive managing director of capital markets at Cushman. “Lenders were able to understand the intrinsic upside of investing in the property, due to the flourishing downtown office market and the fact that this is the first time the property has traded since its inception,” he said.