Home News Pacific Oak Capital, Savanna Default on 110 William Street Loan

Pacific Oak Capital, Savanna Default on 110 William Street Loan

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Keith Hall, Pacific Oak and Christoper Schrank, Savannah, 110 William Street (Loopnet, Pacific Oak)

Having lost several prominent tenants in recent years, the Lower Manhattan office building is in financial trouble.

Pacific Oak Capital and savannah defaulted on loans of 110 William Street In the Financial District, Pacific Oak said: SEC filing Wednesday. The California-based real estate investment firm was notified of default by a lender in June, though it was not identified in the filing.

but, Invesco Real Estate Pacific Oak and Savannah reinvested $349 million in the building in 2019. Commercial Observer reported.

Loan extension negotiations are underway between Pacific Oaks, Savannah and the lenders, according to SEC filings. Pacific Oak owns his 60% stake in the 32-story, 928,000-square-foot tower.
Neither Pacific Oak nor Savanna responded to requests for comment.

Invesco loan refinanced a $265 million loan Package provided by Morgan Stanley in 2017. Invesco has not yet responded to a request for comment.

KBS Capital Advisors and Savannah Purchased properties from Swig Equities and Dubai Investment Group In 2014, it was $261 million. After that, Tandem set about refurbishing the building.

Founded in 2018 by KBS co-founders Keith Hall and Peter McMillian, Pacific Oak REIT established by KBS 2019.

The loan default at 110 William Street, Pacific Oaks and Savannah occurred as the building experienced a notable tenant turnover in recent years.

new york city Economic Development CorporationIt occupied almost a third of the building’s square footage, according to the agency’s website.Ad agency Constellation Agency left in space It is located around the One World Trade Center block and will be relocated by the New York City Housing Development Authority. 120 Broadway.

Flexible workspace provider Nortel The company occupied 117,000 square feet across three floors at 110 William Street in 2019 when it more than tripled its footprint from the 36,000 square feet originally contracted in 2018. filing for bankruptcy last year and Acquired by Newmark.

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