Sage Realty, the leasing and management division of the William Kaufman Organization (WKO), along with its co-sponsor, a client of Principal Real Estate Investors, announced the refinancing of the Class-A office building 77 Water St. (77 Water) with a $127.5 million loan. The 60-month refinancing loan was provided by Acore Capital’s Eric Ramirez and will be used to fund future capital improvements at the office building. Grant Frankel, Ethan Pond and Tanner McNeil of Eastdil Secured represented the borrower in the deal.
“This loan closing represents a huge step toward an exciting repositioning and modernization at one of Wall Street’s most distinctive buildings,” said Jonathan Iger, CEO of Sage. “Across the Sage portfolio, we are continuing to invest in capital improvements so that our buildings meet the needs of tenants in today’s evolving market and provide them with dynamic spaces for collaboration and socialization.”
With the refinancing loan, Sage plans on redesigning 77 Water’s plaza, arcade and lobby. Additionally, Sage is collaborating with landscape architect MPFP to design and renovate the ground-floor level’s interior and exterior.
Built in 1970 by the William Kaufman Organization, 77 Water Street is a 26-story office tower. The 614,000-square-foot, Class-A office building features an open plaza area, with an array of interesting elements, including honey locust trees, streams, foot bridges, a wood-framed and turn-of-the-century-style candy store. It also features a sculptured steel replica of a World War I Sopwith Camel fighter plane adorning the roof.
