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Category ArchiveTrump Organization

Premium Merchant Funding Leaving Trump Building for 16K SF at 55 Water

A financial institution for small businesses, Premium Merchant Funding, has sub-subleased 15,965 square feet from foreign exchange trading firm Forex Capital Markets in the Financial District, Commercial Observer has learned.

Premium Merchant Funding will occupy 15,965 square feet on the 50th floor at 55 Water Street via an eight-year sub-sublease, as per a source. The asking rents were in the mid-$50s per square foot. Premium Merchant Funding will relocate from the Trump Organization‘s Trump Building at 40 Wall Street next month.

Forex took the 60,000-square-foot 50th floor in the 52-story, 3.6-million-square-foot building between Old Slip and Coenties Alley in a 2011 sublease, according to Real Estate Weekly at the time. At this juncture, Forex had excess space to give up, and Premium Merchant Funding had grown out of its 10,000 square feet at 40 Wall Street. The new sub-sublease transaction closed last week.

David Ofman of the Lawrence Group represented Forex in the deal. Newmark Knight Frank’s Paul Ippolito and Cushman & Wakefield’s Stephen Burke represented Premium Merchant Funding. Ofman and a spokeswoman for NKF didn’t immediately respond to a request for comment, and Burke declined to comment via a spokesman.

The Class-A office building is owned by Retirement Systems of Alabama. Tenants include S&P Global, New York City Department of Transportation and Teachers’ Retirement System.

Source: commercial

Natixis Lends $68M to Refinance Bronx Retail Center

Simone Development has snagged a $68.5 million loan to refinance its Throggs Neck Shopping Center in the Bronx, Commercial Observer can exclusively report.

The 10-year CMBS loan closed at a 5.17 percent rate and features interest-only payments, according to Meridian Capital Group, which brokered the financing. A Meridian spokesman declined to identify the lender, but a source close to the transaction said that the loan is from Natixis, the French investment bank.

The mall, located just south of the intersection of the Cross Bronx Expressway and the Hutchinson River Expressway, includes 300,000 square feet of retail, now anchored by a 165,000-square-foot Target outpost. (That store is not collateral for the Natixis loan.) TJ Maxx, Famous Footwear, Mattress Firm, a waxing salon and an electronic cigarette seller number among the shopping center’s other tenants. Its four commercial buildings stand alongside a multilevel parking garage with room for 650 cars.

A mile north of the Bronx–Whitestone Bridge, which connects the Bronx to Queens, the Throggs Neck Shopping Center is almost directly adjacent to Trump Golf Links at Ferry Point, a public 18-hole golf course owned by the Trump Organization.

The deal marks the second mid-size financing Meridian arranged this week, following its announcement of a $54 million Bank of the Ozarks construction loan to Modus Hotels for development of the Pod Hotel in Philadelphia. The Throggs Neck loan was negotiated by Meridian’s Morris Diamant and Tzvi Krieger.

Representatives for Natixis and Simone Development did not immediately respond to requests for comment.

Source: commercial