New York — 80 Lafayette Street operates year-round with near 100 percent occupancy.
Prudential Mortgage Capital Company has provided a $161.3 million Freddie Mac loan to Corigin Real Estate Group to refinance 80 Lafayette Street, a student housing complex at New York University. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial Inc.
Originally completed as an office building in 1915, the 17-story, 262-unit property situated in New York City’s Tribeca neighborhood was converted to student housing in 1999. It is the university’s largest residence hall, housing 1,062 students and faculty, and operates year-round with near 100 percent occupancy. All of the residential units are leased to NYU in a long-term master lease structure that is supported by the tenant’s excellent credit. The property also includes an interior parking lot and approximately 5,700 square feet of ground floor retail space.
“This property’s status as NYU’s largest residence hall, combined with the strength and experience of Corigin, made this an attractive transaction for us,” said Brian Salyards, a principal with Prudential Mortgage Capital Company’s Boston office, who led the transaction.