Aurora Capital Associates and William Gottlieb Real Estate have secured $150 million from German lender Deutsche Pfandbriefbank to refinance its office and retail development at 40 10th Avenue (AKA Solar Carve Tower), according to the Commercial Observer. The 10-story, 157,000-square-foot development sits near the base of the High Line, and is 55% percent occupied. It also boasts about 20,000 SF of outdoor space.
- Financing details: The new loan takes out and replaces roughly $120 million in previous construction debt provided by Bank OZK for the Meatpacking District project in 2017.
- Tenants include: Office tenants include hedge fund RTW Investments (14,082 SF) and Starwood Capital Group (14,258 SF), with asking rents at $185 per SF. Hyundai subsidiary, Genesis Motors occupies all 40,000 square feet of retail space at the ground floor and basement level. Genesis reportedly pays around $11 million in annual rent. [CO]