Aurora, William Gottlieb Grab $300M Refi of Solar Carve
Aurora Capital Associates and William Gottlieb Real Estate are packing in another debt package at their 10th Avenue mixed-use building.
Corebridge Financial provided the ownership of 40 10th Avenue with $293 million in debt to refinance the Meatpacking District building, the Commercial Observer reported. The deal takes the form of a fixed-rate, permanent loan.
A Walker & Dunlop team including Dustin Stolly, Aaron Appel and Jonathan Schwartz arranged the debt. The borrowers and lender did not immediately respond to requests for comment from the publication.
The 10-story, 159,000-square-foot building includes both office space and retail space; the latter occupies the first two floors of the property, which was completed in 2019. Office tenants include Starwood Capital Group, WestCap Management, RTW Investments and Stripes, while Hyundai Motors occupies the retail space.
Five years ago, Pbb Deutsche Pfandbriefbank provided $300 million to refinance the building, also known as Solar Carve. The glassy, sculpture-like building was designed by Jeanne Gang’s Studio Gang, its first commission in New York.
Bobby Cayre’s Aurora Capital has been homing in on the Meatpacking District.
Earlier this year, Aurora Capital and TPG Angelo Gordon teamed up to purchase the boutique office and retail building at 410 West 13th Street in the Meatpacking District for $71 million. The property, which is 80,000 square feet, was sold by British real estate firm Epic, which had purchased it for $69 million in 2011.
The building’s tenants include Red Bull, energy company Kimmeridge and the Match Group, parent company of Tinder and Hinge.
Meanwhile, Urban Zen — a home and lifestyle brand by designer Donna Karan — recently sued an affiliate of William Gottlieb over rats from their vacant lot on Greenwich Street. Gottlieb’s affiliate then sued the designer personally, blaming her building’s poor condition for the pests.
Both sides are now fighting in court, with Karan’s lawyers trying to dismiss the lawsuit and Gottlieb’s firm producing an engineering report about unsafe conditions.
Read more
TPG, Aurora Capital team up on $71M Meatpacking District buy
Aurora’s Solar Carve office building scores $300M refi
“Litigation warfare”: Donna Karan and William Gottlieb Real Estate’s rat fight heats up
