Home News Sage Realty Secures $127.5M Loan to Complete Improvements at 77 Water Street in Financial District, Manhattan

Sage Realty Secures $127.5M Loan to Complete Improvements at 77 Water Street in Financial District, Manhattan

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with Sage Realty Major real estate investors has secured a $127.5 million financing package to complete a major capital improvement of 77 Water Street, a 26-story commercial building in Manhattan. Financial DistrictThe scope of work will focus on the pedestrian plaza at the foot of the property, upgrading the lobby and redesigning the existing arcade.

Sage Realty’s parent company, William Kaufman Co., constructed a 614,000-square-foot Class A office building in 1970. Louis Brisboa Visgard & Smith.

The project team includes landscape architect MPFP to assist with the renovation of the ground floor area. In its present state, the square contains a bee tree, a stream, a footbridge and a turn-of-the-century-style wooden-framed candy store.

Sage Realty CEO Jonathan Iger said: “Across the Sage portfolio, we continue to invest in capital improvements to ensure our buildings meet the tenant needs of today’s evolving market and provide dynamic spaces for collaboration and socialization.”

The refinancing loan was provided by ACORE Capital. Eastdil Secured arranged the loan on behalf of Sage Realty and Principal Real Estate Investors.

Eric Ramirez, Managing Director of ACORE, said: “Sage’s generational ownership combined with Principal’s institutional expertise made this transaction a compelling opportunity for us. We are confident in our ability to navigate the evolving market.”

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