AIG provides Hersel Torkian with an $135 million loan
Torkian Group has secured an $135 million loan from AIG Investments to refinance the recently completed rental building at 42 West 33rd Street. The property (AKA Solari) spans 194,222 square feet, and contains 223 apartments (45 are affordable), plus ground-floor retail space. It sits between Fifth Avenue and Broadway.
Financing details: The loan package consolidates and replaces an $105 million construction loan provided by Bank Leumi in 2015. It also includes a $30 million gap mortgage. The debt is spread across three subsidiaries of AIG, according to TRD.
How he stitched it together: Hersel Torkian paid $30 million for the main parcel in 2007 (98,900 BSF). He added 20,610 SF of unused development rights at 48 West 33rd Street in 2011, and 39,000 SF at 50 West 33rd Street for $13.2 million in 2013. Well done!