Fried, Frank, Harris, Shriver & Jacobson represented Sage Realty Corporation and Principal Real Estate Investors in the transaction.
Sage Realty Corporation and its joint venture partner, Principal Real Estate Investors, announced the refinancing of 77 Water Street with a mortgage loan of up to US$121.1 million, and a mezzanine loan of up to US$6.3 million, from ACORE Capital Mortgage LP. 77 Water Street is a 26-story office tower that sits in Manhattan’s Financial District.
Sage is a design-driven, vertically integrated real estate investment and management company. Across its threemillion square foot portfolio in the most desirable submarkets of Manhattan, Sage provides inspiring workplaceexperiences through a high-touch, personalized, and dynamic approach.
Principal Real Estate Investors is a top-10 global real estate manager, which manages or sub advises $90.3 billion1 in real estate assets and boasts over 60 years2 of real estate investment experience.
Principal Real Estate Investors operates across all four quadrants of real estate, providing customised, diverse solutions across public and private equity and debt investments.
The Fried Frank team included real estate partners Jonathan L. Mechanic (Picture) and Nathaniel Lifschitz, and real estate associates Kaitlin A. Gottlieb and Noah Koeppel.
Involved fees earner: Kaitlin Gottlieb – Fried Frank Harris Shriver & Jacobson; Noah Koeppel – Fried Frank Harris Shriver & Jacobson; Nathaniel Lifschitz – Fried Frank Harris Shriver & Jacobson; Jonathan Mechanic – Fried Frank Harris Shriver & Jacobson;
Law Firms: Fried Frank Harris Shriver & Jacobson;
Clients: Principal Real Estate Investors; Sage Realty Corporation;
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