Pryor Cashman Represents Corigin Real Estate Group in Obtaining $161.3 Million NYU Dorm Loan from Prudential Mortgage Capital
Pryor Cashman represented Corigin Real Estate Group in obtaining a $161.3 million Freddie Mac loan from Prudential Mortgage Capital Co. for the acquisition of a century-old New York University student dorm. Corigin Real Estate Group, a preeminent developer, owner and operator of NYC real estate spanning development, multi-family rental apartments, student housing, property management and lending, now has five student housting properties.
The $161.3 million loan will be used to finance the acquisition of the 17-story, 317,000-square-foot property which is NYU’s largest residence hall and is located in Tribeca, New York. The property also includes 5,700 square feet of retail and an indoor parking lot. More than 1,000 students and faculty live at the dorm, which is nearly 100% occupied.
Partner Joseph L. Brasile, a member of Pryor Cashman’s Real Estate Group, representing Corigin on the transaction which closed on February 2, 2015.
