New York City – Our NNN Commercial Real Estate news is from Manhattan, New York. We saw a very interesting technique to obtain quality NNN Commercial Real Estate at a below market price. This was a situation where a Commercial Property was obtained by purchasing a commercial mortgage note that is in default and then try for a deed in lieu of foreclosure. This is a simple procedure for most investors and it can help relieve the borrower of a hefty debt which they can not pay. A Deed in lieu of foreclosure is a deed instrument in which a mortgagor (the commercial loan borrower) conveys all interest in a commercial property to the mortgagee (the commercial mortgage lender or the investor who purchased the mortgage) to satisfy a commercial loan that is in default. This commercial property transaction will help to avoid foreclosure proceedings and possibly allow the former owner to save on attorney fees.
Our news today is on a Commercial Real Estate Investment firm, Savanna, obtaining the defaulted mortgage on 5 Hanover Square. Savanna was then able to acquire the commercial real estate development at 5 Hanover Square with a Deed in lieu. The Commercial Real Estate Investment firm has a history of buying up debt and then using that to position themselves to take control of the commercial property with a Deed in lieu. Last year, this commercial real estate development, 5 Hanover Square was owned by Kent Swig. Kent Swig was having financial difficulties and was unable to make payments of his commercial real estate loan. Capital One Bank held the paper at that time. Capital One Bank started marketing the late commercial mortgage to sell, at that time it had a face value of approximately $56,000,000 million.
The Commercial Real Estate Investment firm, Savanna was able to pay $46,000,000 million for the commercial loan that had the $56,000,000 million face value. The prior commercial property owner had paid approximately $140,900,000 for the Commercial Real Estate development in 2007. The Commercial Real Estate Investment firm, Savanna was able pay all cash to Capital One Bank for the defaulted commercial mortgage. The Commercial Real Estate Investment firm, Savanna was then able to smoothly work out a Deed in lieu deal with the commercial loan borrower. This commercial property is a Class B office building that is located on Hanover Square, between Beaver and Pearl Streets.
Savanna is a commercial real estate investment and development firm. This commercial real estate investment firm focuses on opportunistic commercial real estate investment strategies. Savanna does this by targeting superior risk-adjusted returns on behalf of institutional investors. The commercial real estate investment firm was founded in 1992, in New York City. Over the years, Savanna has built a very successful track record investing in commercial real estate.
The commercial real estate investment firm has invested in various asset classes, investment types, locations and market cycles. Savanna has invested in premier commercial properties including office, retail net leased properties, and industrial properties. Savanna, also gained control of the commercial real estate development at 104 W. 40th Street. The commercial real estate investment firm did this by buying the discounted debt on that commercial property.
After a short period of time of holding this commercial real estate development, Commercial Mortgage Lenders recently arranged a commercial loan for Savanna in the amount of $47 million. Savanna can use the funds from this commercial loan to help market the net leases at the commercial property, and replace their cash from the commercial real estate loan purchase.
Also Savanna will be able to complete a renovation to this commercial real estate development. The commercial real estate development was beautifully designed by the architect Henry G. Greene. The Commercial Property, 5 Hanover Square, first opened its doors in the year of 1962, and is situated in Manhattan’s Financial District (FiDi). This area of New York City is a highly desirable location for a 1031 Exchange replacement property.
The commercial real estate development at 5 Hanover Square had some renovations in the past. However, with the current planned renovations they should help reposition 5 Hanover Square, into a luxury boutique office building. This 25-story Office Building offers first class services, amenities and security to net leased Tenants. The improvement renovations that already occurred included a new and relocated building lobby; new core bathrooms and multi-tenant floor upgrades. Also a new two story glass retail store-front for a net leased property was positioned. This commercial real estate development sits across from the British Memorial Garden.
The lobby of this Commercial development, was a 1960’s era office building style. The lobby situated in this lower Manhattan commercial property, was past its prime. The space was reconstructed in marble and wood, with stepped ceilings, to provide a beautiful, elegant entrance for the main lobby. The Architecture design was by William Savino Associates. Alexander Wolf & Son was the General Contractor for that project.
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