NEW YORK, NY - Prudential Mortgage Capital Company provided a $161.3 million Freddie Mac loan to Corigin Real Estate Group to refinance 80 Lafayette Street, a student housing complex at New York University, the company announced. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial Inc.
Originally completed as an office building in 1915, the 17-story, 262 unit property situated in New York City’s Tribeca neighborhood was converted to student housing in 1999. It is the university’s largest residence hall, housing 1,062 students and faculty and operates year-round with near 100 percent occupancy. All of the residential units are leased to NYU in a long-term master lease structure that is supported by the tenant’s excellent credit. The property also includes an interior parking lot and approximately 5,700 square feet of ground floor retail space.
“This property’s status as NYU’s largest residence hall, combined with the strength and experience of Corigin, made this an attractive transaction for us,” said Brian Salyards, a principal with Prudential Mortgage Capital Company’s Boston office, who led the transaction. “The building is very well located in Tribeca, a vibrant neighborhood and strong residential submarket, which further enhances the property’s long-term value.”
“The coordinated efforts of the parties involved, to not only perform under tight deadlines, but to incorporate key structural elements that carefully met our specific needs were truly impressive. 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, Corigin’s Director of Finance.
Corigin is a privately owned New York based full-service real estate company led by its Chairman, Ryan Freedman. Corigin operates across several real estate business lines including real estate development, student housing, multifamily, and a real estate finance platform that directly originates bridge loans and acquires sub-performing and non-performing debt. Corigin invests and manages its own proprietary capital as well as outside capital in the form of strategic joint venture partnerships. Current notable projects include the luxury condominium development 20 East End in Manhattan’s Upper East Side designed by Robert A.M. Stern.