$89 million refinancing for The Apple Building in New York’s Meatpacking District secured by HFF
NEW YORK, NY – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured an $89 million refinancing for 401 West 14th Street, a mixed-use retail and office building anchored by Apple Inc. and located at the intersection of Ninth Avenue and 14th Street at the entry to New York’s Meatpacking District.
HFF worked on behalf of the sponsor, Taconic Investment Partners LLC, to place the 15-year, interest-only, fixed-rate loan with MetLife. The transaction closed on October 29, 2015.
401 West 14th Street is 100 percent leased and anchored by a flagship Apple Store, which features a three-story, distinctive curved glass internal staircase. The four-story building is also home to retailers Hugo Boss and The Kooples as well as offices for Apple and Raptor Capital Management. Fully redeveloped in 2007, the building features all new systems, windows and a restored historic façade. The building’s penthouse contains three terraces and floor-to-ceiling windows that offer views of the Meatpacking District, a 20-block, 24-hour Manhattan destination with upscale offices and trendy restaurants, nightlife, retail, hotels and cultural attractions including the High Line and the new Whitney Museum. 401 West 14th Street is two blocks from the Chelsea Market and from Google’s East Coast headquarters at 111 Eighth Avenue and sits at the nexus of Chelsea and the West Village.
About Taconic Investment Partners LLC
Taconic Investment Partners LLC (Taconic) was formed in 1997 and has since acquired and developed more than 12 million square feet of Class A and Class B office properties in the New York metropolitan area, Chicago, Washington, D.C. and Atlanta. Taconic targets acquisitions of office properties in major central business districts while focusing on multifamily properties in markets that house the CBD’s employment base. Totaling in excess of $3 billion, the majority of the company’s acquisitions have focused on assets with significant value-add and/or redevelopment potential.
Taconic is the largest operator of commercial property in the Meatpacking District and West Chelsea neighborhood, controlling more than three million square feet of commercial space. Led by its founders, Paul Pariser and Charles Bendit, the firm specializes in the acquisition, asset management, leasing, property management and development and construction management of office, retail and residential properties. For more information, visit www.taconicinvestments.com.
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (MetLife), is one of the largest life insurance companies in the world. Founded in 1868, MetLife is a global provider of life insurance, annuities, employee benefits and asset management. Serving approximately 100 million customers, MetLife has operations in nearly 50 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.