L&L Holding Company has secured a $350 million financing package from Helaba and DekaBank for its office building at 195 Broadway. The FiDi office tower spans 1.1 million SF.
- Be Smart: L&L recently partnered with an investment group made up of Korea Investment & Securities and Samsung to buy the leasehold interest in the property from JPMorgan Asset Management for $800 million as we reported in September. David Levinson and Rob Lapidus’ firm already owned 5 percent of the property.
- Dig Deeper: The loan is a five-year deal with two one-year extensions. It’s equally split between Helaba and DekaBank and will be further sold down by Helaba. The deal includes a nearly $171 million mortgage, according to TRD.
- Worth Noting: iStar bought the underlying land in a separate transaction for $275 million. New York Life Insurance lent Safehold (AKA iStar) $242 million in financing, TRD noted citing public records.