Arrow Real Estate Advisors arranged $61 million in financing for the acquisition of 5 Hanover Square, a 300,000-square-foot office building in Manhattan’s Financial District. The financing supports a joint venture between Samual Fisch & David Werner and was bifurcated to accommodate separate executions, allowing for the sponsor to leverage the property’s existing condominium structure.
The financing was arranged by Arrow founder and managing partner Morris Betesh, SVP Morris Dabbah and associate Louis Halperin.
The 24-story building is currently 41% occupied with approximately 144,366 square feet of vacant office space. The financing package, was structured to support the building’s dual strategy and included two distinct components. Arrow arranged a $40,000,000 acquisition and pre-development loan from 99c for the upper 266,639 square feet, which is slated for an office-to-residential conversion.
For the lower five floors, leased long-term to a school, Arrow arranged a $21,000,000 acquisition loan from Deutsche Bank which provided a fixed-rate solution aligned with the stabilized profile of the lower-level condominium unit.
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