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| Rendering of planned 300 Lafayette at Lafayette and Houston Streets, SoHo Neighborhood Manhattan, NY |
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| Mike Tepedino |
NEW YORK, NY – HFF announced it has arranged $40 million in
financing for the fee simple interest of 300 Lafayette, a development
site at the corner of Lafayette and Houston Streets in Manhattan’s SoHo
neighborhood.
HFF
worked exclusively on behalf of the borrower, LargaVista Companies, to secure
the 20-year, fixed-rate loan through a national life insurance company. HFF will also service the loan.
300
Lafayette is an 11,622-square-foot site with 365 feet of frontage along Crosby,
Lafayette and Houston Streets in the SoHo neighborhood of Manhattan.
Currently the location of one of the most recognizable gas
stations in the country, the site is planned to be developed into a
seven-story, dynamic mixed-use retail and office tower by a joint-venture
between LargaVista Companies and Related Companies, that has entered into a
long-term leasehold ownership position.
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| Michael Gigliotti |
The
HFF debt placement team representing the borrower was led by senior managing
director Mike Tepedino and managing director Michael Gigliotti.
“300
Lafayette is a highly visible and energetic location,” said Gigliotti. “The lender showed ingenuity in recognizing
the value of such a site, despite the fact that the project has not yet broken
ground. The impressive vision of the
project, the excellent location, and the strength of the borrower combined to
merit an attractive permanent financing.”
LargaVista Companies is a premier real
estate development, investment and management firm specializing in the
remediation and redevelopment of environmentally impacted properties. LargaVista owns a diverse portfolio of
holdings in New York City, Westchester County, Florida and California.
For a complete copy
of the company’s news release, please contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel (main) 617-338-0990 | (direct) 617-848-1572 | cel
617.543.4873 | www.hfflp.com
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