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Trinity Place Holdings Inc. (New York Stock Exchange stock code:TPHS) (The “Company”) announced today that through a wholly-owned subsidiary, it has refinanced its mortgage loan 237 11day Brooklyn Street, New York. The new $60 million loan is provided by Natixis with an initial annual interest rate of 3.05%. The loan period is two years, and there are three one-year extension options. The first expansion option is not satisfied by any financial test. USD 1.5 million of loan proceeds has been set aside to cover debt service and operating expense gaps, as well as lease-related costs.
Traffic 237 11day Street has always been robust, with the property’s occupancy rate of approximately 80% compared to 20% on December 31, 2020, as the property has been intentionally vacated to facilitate restoration work. The preferential level of the new lease began to decrease. In addition, the renovation and renovation plan is expected to be basically completed by the end of July. The company is closely tracking the rezoning plan in the surrounding area, which is proposed to provide approximately 30,000 zoning square feet of additional vacant land rights for the property. The proposal received support from the local community committee last week, which is an important milestone in the required ULURP process.
As of May 31, 2021, 250 N 10day Street occupancy rate is 98.3%, while Berkley occupancy rate is 100%. The discounts for new leases and lease renewals for these properties have been reduced or cancelled.
Construction of the 77 Greenwich Project (now known as “Jolie”) continues. In April, the Serhant team participated in the sale of the apartment units, and the sales gallery moved to 77 Greenwich. As of mid-June, 50% of the residential floors of the building have obtained a Temporary Occupancy Certificate (TCO), and the rest is under renovation…
The full story on Benzinga.com
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