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DSA Property Group has acquired Pace University’s 15-story dormitory at 106 Fulton St in the Financial District for $51.1M.
DSA is planning to convert the 1910 building into market-rate apartments. Originally an office building, the tower became a dorm in 1999, and has a Burger King in its 3,543 SF ground-floor retail space. BK’s lease will expire in 2020, the Commercial Observer reports.
The property was put on the market in March with a Kenneth Zakin-led Newmark Grubb Knight Frank team marketing the 75k SF property.
The developer received a $45M loan for the deal. Arranged by Meridian Capital Group, the two-year debt was provided by Ladder Capital, and has a Libor-based floating rate with interest-only payments, a six-month extension option and an 88% loan-to-value ratio. [CO]
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