Corigin gains $161.3m loan from Prudential for NYU student complex

19 February 2015 (Last Updated February 19th, 2015 18:30)

Corigin Real Estate Group has received a $161.3m Freddie Mac loan from Prudential Mortgage Capital to refinance 80 Lafayette Street student housing complex at New York University (NYU) in the US.

Corigin Real Estate Group has received a $161.3m Freddie Mac loan from Prudential Mortgage Capital to refinance 80 Lafayette Street student housing complex at New York University (NYU) in the US.

The 17-storey, 262-unit property is located in New York City's Tribeca neighbourhood, which was originally completed as an office building in 1915 and then converted into student housing in 1999.

The complex is claimed to be the university's largest residence hall and can house 1,062 students and faculty.

Prudential Mortgage Capital's Boston office principal Brian Salyards said: "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.

"The building is very well located in Tribeca, a vibrant neighbourhood and strong residential submarket."

"The building is very well located in Tribeca, a vibrant neighbourhood and strong residential submarket, which further enhances the property's long-term value."

Under a long-term master lease structure supported by the tenant's excellent credit, all of the residential units are leased to NYU. The property also includes an interior parking lot and about 5,700ft² of ground floor retail space.

Corigin director of Finance Greg Gleason said: "The coordinated efforts of the parties involved, to not only perform under tight deadlines, but to incorporate key structural elements that carefully met our specific needs were truly impressive.

"This loan is part of a broader recapitalisation and expansion of our real estate asset base across our various business lines, and we are excited to work with Prudential and Freddie Mac as key strategic partners in our continued growth."

Led by chairman, Ryan Freedman, Corigin has several real estate business sectors, including real estate development, student housing and multi-family.

The company also operates a real estate finance platform that directly originates bridge loans and acquires sub-performing and non-performing debt.