Wells Fargo originated a $60 million loan to a partnership between Jeff Sutton’s Wharton Properties, General Growth Properties and Maguire Capital for the purchase of a retail cooperative property at 85 Fifth Avenue in Union Square, Commercial Observer has learned.
The three-year loan, negotiated by Meridian Capital Group Executive Vice President Aaron Birnbaum and Vice President Tal Savariego, carries a Libor-based floating interest rate as well as loan extension options, according to the brokers.
The partnership led by Mr. Sutton completed its $86 million acquisition of the flagship property from Aby Rosen’s RFR Realty on April 8, city records show.
Anthropologie, a subsidiary of Urban Outfitters that specializes in womenswear and home products, occupies the 12,960-square-foot retail co-op located on the northeast corner of Fifth Avenue and 16th Street.
The floating-rate financing “provides maximum flexibility as the sponsors work toward executing their value-add business plan for this unique asset,” Mr. Savariego said.
Mr. Sutton and a representative for GGP and Maguire Capital were not immediately available for comment.