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TPG Lends $123 Million for Gaia Real Estate’s 416 West 52nd Street Purchase

Danny Fishma GAIA - 416-west-52nd-street-

 

Danny Fishman’s middle-market condominium investment firm Gaia Real Estate landed a $122.8 million acquisition loan from TPG Real Estate Finance Trust to help fund its purchase of a vacant seven-story residential property at 416 West 52nd Street, Commercial Observer has learned.

Meridian Capital Group arranged the three-year, floating-rate loan, which comes with two 12-month extension options, according to the mortgage brokerage firm. Meridian Senior Managing Director Ronnie Levine and Managing Director Jeff Berkes negotiated the debt deal.

Gaia acquired the former St. Vincent’s Midtown Hospital, located between Ninth and Tenth Avenues in Hell’s Kitchen, from the Chetrit Group on Aug. 20 for $156.5 million, city records show. Chetrit had converted the more than 70-year-old hospital into 156 apartment units in 2014. The 141, 350 square feet of residential space remains unoccupied.

 

Read the full story at Commercial Observer, by Damian Ghigliotty

 

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