NEW YORK, NY – FEB. 7, 2011 – Savanna, a New York-based institutional real estate private equity and asset management firm, today announced the closing of a $47 million loan for 5 Hanover Square (top left photo). Located between William and Hanover Streets in Manhattan’s Financial District submarket, this 25-story, 333,000-square-foot multi-tenant office building designed by architect Henry G. Green was built in 1962 and has undergone over $24 million of renovations and upgrades since 2003.
The $47 million loan, provided by Mesa West Capital, will finance the completion of Savanna’s capital improvement plan, which will cover bathroom and hallway renovations, elevator and major building system upgrades, and minor cosmetic improvements to the recently renovated lobby.
Additionally, the financing capitalizes the property to pay the leasing and tenant fit out costs necessary to attract top quality tenants.
With this transaction, Savanna has successfully secured financing to recapitalize four major commercial properties in Manhattan over the past 12 months.
“It has been a pleasure to work with Mesa West Capital on this transaction and we look forward to financing future deals with them,” said Nicholas Bienstock (middle right photo), a Managing Partner of Savanna.
“Additionally, we are pleased to continue the major capital investment program started by Swig Equities, which has and will continue to transform 5 Hanover into a very attractive building for its tenants.
“Swig Equities will remain the Managing Agent and we are excited to launch a marketing and leasing effort with Frank Cento of Cushman & Wakefield and Todd Korren of Swig Equities.”
Adam Spies of Eastdil Secured represented ownership in this financing.
“Savanna has an excellent business plan and the new financing provides capital to reposition the building in an improving market,” says Raphael Fishbach (lower left photo), a Principal who heads Mesa West’s New York City office and directs its East Coast originations.“Mesa West continues to expand its platform on the East Coast and we are delighted to have closed our first transaction in New York City and with such a strong sponsor.”
Contact: Alan Segan, Telephone: 212-843-8064
Email: asegan@rubensteinpr.com
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