Corigin Refinances NYU’s Largest Dormitory With $180M Loan

Apollo Global Management is continuing to tear through New York City’s real estate market, refinancing the largest dormitory at New York University.

Corigin Real Estate Group secured a $180 million loan from Apollo to refinance 80 Lafayette Street in Tribeca, Bloomberg reported. Known as Lafayette Hall, the 17-story, 1,100-bed property is the largest student housing facility at NYU.

The refinancing retires a $161.3 million Freddie Mac loan originated by Prudential Mortgage Capital Company in 2015. Prior to that, Bank of America securitized a $110 million mortgage on the property in 2005.

Apollo loaned to Corigin through its Athene insurance business. Newmark’s Jordan Roeschlaub and Nick Scribani arranged the financing.

NYU has master-leased the dorm building for more than two decades, according to the Commercial Observer, and recently signed a 10-year extension that begins in 2027. Besides its 262 units, the property — which was built in 1915 but converted into dorms at the turn of the century — includes a lounge, music practice rooms, a cafe and an art gallery.

Apollo’s private fund holdings include 30,000 student housing beds across the country, according to the fund’s January report. But the private equity firm’s impact in New York City stretches well beyond one sector these days.

Just this week, Apollo provided Rockpoint and the Brooksville Company a $275 million loan to refinance a pair of multifamily properties in the Financial District. Perhaps not coincidentally, Roeschlaub and Scribani were part of the team to arrange that debt, too.

Apollo also recently agreed to acquire publicly traded real estate investment firm Bridge Investment Group for $1.5 billion. The deal is expected to double Apollo’s real estate assets under management, elevating that number past $110 billion.

Corigin is a private real estate investment firm that operates in acquisitions, development, property management and lending. Its holdings span to the multifamily, condo and student housing sectors, with UC Berkeley being another prominent school linked to the firm.

— Holden Walter-Warner