Ladder Capital refinances West 36th Street office building

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Brian Harris of Ladder Capital, Aron Rosenberg or R&B, 28 West 36th Street and 32 West 39th Street. (Scale, Aron Rosenberg via LinkedIn, Google Maps)

The vultures will have to continue circling Manhattan’s office buildings.

Ladder Capital rescued a pair of Midtown office buildings from possible foreclosure last week, when it provided R&B Realty Group with just under $ 51 million to repay its loans, the owner said. The real deal.

The R & B buildings at 28 West 36th Street and 32 West 39th Street have been subject to a trial in february, when the owner filed a complaint to prevent mortgage investor Maverick Real Estate Partners from seizing them.

R&B sought to refinance their debt with a new lender after telling a New York court that Maverick was “charging 24% late interest on each of the loans, and appears to intend … to acquire cheap buildings ”.

“We have owned the buildings for almost two decades and have built sound equity on the properties,” said Aron Rosenberg, CEO of R&B, who added that the company secured the funding within two weeks.

Maverick did not respond to a request for comment. Real estate investment firm raised hundreds of millions of dollars buy real estate assets in difficulty.

Ladder Capital’s $ 50.88 million loan closed on Friday, March 5, according to Rosenberg, who said his company was “very lucky” to have found Ladder.

Signature Bank had sold the debt from the two Midtown buildings to Maverick after declaring the loans past due.

R&B claimed its line of credit with Signature remained open and was not fully tapped, rendering the default statement invalid because, according to R&B, it could still service the loans.

Those concerns are now over, according to Rosenberg, who said Ladder’s refinancing brought office buildings into full financial compliance.

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