Mesa West Capital has provided a $55 million acquisition loan for the iconic Bush Tower at 130 West 42nd Street, which New York real estate firm Tribeca Associates took hold of last month in a partnership with international real estate investor and asset manager Meadow Partners.
The loan on the neo-Gothic office tower came with a three year-term, Mortgage Observer Weekly has learned. The rate of the loan was not available. Tribeca Associates and Meadow Partners acquired the long-term leasehold on the 30- story skyscraper from American Properties for $158 million on Sept. 13, a day after the loan closed, public records show. Tribeca Associates founder Elliott Ingerman declined to comment on the financing behind the acquisition.
“We looked at that property and identified that there was an ability—based on the transition of the southern side of that block—to increase the rents and increase the value of the building,” Mr. Ingerman told The Commercial Observer in an interview last month.
The 210,000-square-foot building, which is more than 80 percent leased, will henceforth be known as 130 West 42nd Street at Bryant Park.
The tower was originally built in 1918 as a commercial display gallery and social space and originally owned by Irving T. Bush, founder of the Bush Terminal Company. Lessor American Properties took hold of the building in 1983.