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Rockwood Capital Snags $260M Loan for 2 Grand Central Tower

MetLife Provides Refi on 650,000-SF Asset
March 5, 2018
Private real estate investor Rockwood Capital has obtained a $260 million loan for its 2 Grand Central Tower, the 44-story office tower situated at 140 W. 45th St. in New York City.

Elizabeth Akerman and Diana Brummer of Stroock’s real estate group arranged the financing on behalf of the borrower.

MetLife Insurance Company provided the funding, according to sources with knowledge of the deal. Of the total funding, $200 million will refinance existing debt and $60 million is earmarked as new capital.

Rockwood Capital did not immediately respond to request for comment on the loan.

The 650,000-square-foot office property was built in 1981 on one-third of an acre in the Grand Central submarket, between Third and Lexington. Rockwood Capital acquired the asset in 2011 for $401 million, according to CoStar data. The 4-Star concrete office tower was renovated in 2013 with new entry plazas and a double-height lobby.
See CoStar COMPS #2199827.

Among the building’s largest tenants are wealth advisory firm BBR Partners, investment broker Mps Global Securities and the General Services Administration (GSA). Rockwood maintains 11,368 square feet for its offices on the 34th floor of the building, where about 106,000 square feet at the property remain available for lease with CBRE.

A majority of Rockwood Capital’s holdings portfolio centers around Los Angeles, Orange County and Washington, D.C, according to CoStar research. In Manhattan, Rockwood Capital also owns a 13-story, 130-unit apartment building at 250 E. Houston, which it is currently renovating, as well as the 10,700-square-foot retail portion of the Club Quarters Hotel at 52 William St.

Stroock has advised Rockwood on other transactions, most recently as part of a joint venture with Midtown Equities in securing $245 million in financing from M&T Bank for a mixed-use project in the DUMBO section of Brooklyn.

Diana Bell, New York City Market Reporter  CoStar Group   
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