Corigin Real Estate Group secured a $161.3 million loan to refinance New York University’s largest dorm at 80 Lafayette Street in Tribeca.
Prudential Mortgage Capital Company originated the 10-year Freddie Mac loan, which contains a $51.3 million gap mortgage and replaces a $110 million mortgage securitized by Bank of America in 2005, the New York Observer reported.
“This loan is part of a broader recapitalization and expansion of our real estate asset base across our various business lines, and we are excited to work with Prudential and Freddie Mac as key strategic partners in our continued growth,” said Greg Gleason, director of finance at Corigin.
The 17-story, 317,500-square-foot building, known as Lafayette Hall, houses more than 1,000 students in 262 units. The ground floor contains three retail units totaling 5,700 square feet. Corigin acquired the property and completed an “adaptive re-use” in 1999. [NYO] — Tess Hofmann