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Category ArchiveBarclays Bank

Zenith Energy Lands $27M Barclays Mortgage on Brooklyn Petroleum Facility

Barclays Bank has lent $27 million to refinance a petroleum facility owned by Zenith Energy in Greenpoint, Brooklyn, according to city property records.

Zenith gained control of the site in December of last year, when the Dutch firm purchased U.S.-based Arc Terminals in a deal worth about $406 million, according to Law 360. The refinancing, which closed on March 21, rolls over previous debt from Atlanta-based SunTrust Bank, dating from Arc’s 2013 acquisition of the property.

In that deal, Arc bought the Brooklyn premises in a $27.4 million purchase from Motiva Enterprises, The Real Deal reported at the time. The 41,000-square-foot terminal, at 25 Paidge Avenue just east of the Pulaski Bridge, is an important node in the fuel distribution network throughout the New York area.

With offices in New York City and The Woodlands, Texas, Zenith’s Arc unit stores and distributes substances like liquified natural gas, asphalt, aviation fuel and naptha—used in paint thinner and lighter fluid—at facilities nationwide, from Pascagoula, Miss. to Grover, Colo. Its Brooklyn location, which boasts the capacity to store 63,000 barrels of fuel, “is strategically located in New York City with ample supply options to optimize gasoline throughput,” according to Arc’s website.

Motiva is a Houston-based firm fully controlled by Saudi Aramco, the world’s most valuable company. Motiva, which owns and runs the United States’ largest oil refinery, in Port Arthur, Texas, had controlled the Paidge Avenue facility since at least 1998, when the firm was formed as a joint venture among Texaco, Saudi Aramco and Shell Oil.

Representatives from Barclays, Arc and Zenith did not immediately respond to requests for comment.

Source: commercial

Lenders on $1.2B 280 Park Avenue Refi Revealed as DB, Goldman, Citi and Barclays

The lenders behind the behemoth loan on SL Green Realty Corp and Vornado Realty Trust’s 280 Park Avenue have been revealed. Deutsche Bank, Goldman Sachs, Citi Real Estate Funding and Barclays Bank provided a $1.075 billion loan, according to records filed with the city today, which replaces and consolidates $900 million in previous debt on the property with a $175 million gap mortgage.

A source today speculated that the remaining $125 million could be mezzanine debt or an outstanding future funding commitment on behalf of the lenders.

The loan will have a securitization execution, a source familiar with the transaction told CO, with Deutsche Bank leading the bond sales. A spokesman for Deutsche Bank declined to comment.

Vornado and SL Green anounced they had closed the $1.2 billion refinancing of the 1.3-million-square-foot office building on August 23. Commercial Observer first reported that Deutsche Bank had provided the floating-rate, interest-only loan on the Midtown trophy asset, which carries a rate of LIBOR plus 1.73 percent and matures in September 2024.

Located between East 48th and East 49th Streets, 280 Park Avenue recently underwent $150 million in renovations to its façade and interior. The makeover included expansion of the building’s lobby, enhancement of its environmental sustainability, redesign of the building’s plaza and infrastructure upgrades such as new elevator cabs and bathrooms.

The 43-story, Class A building building is at 97 percent occupancy with tenants like the Four Seasons restaurant in 22,299 square feet (not yet open), Wells Fargo leasing 29,000 square feet and Blue Mountain Capital Management leasing 78,617 square feet.

Officials at Citi, Barclays and Vornado declined to comment. Officials at Goldman and SL Green did not immediately respond to a request for comment.

With additional reporting by Mack Burke. 

Source: commercial