Savanna Extends Buying Tear to Include Assets Out of Foreclosure
Globe St reports: The New York-based private equity firm Savanna has gone on a shopping spree in Manhattan, buying up several offices over the past few months. The firm has even executed successfully on a few bargain distressed opportunities, most recently scooping up 100 Wall Street in Manhattan’s Financial District through a debt-grab that poised them to win the tower at a Uniform Commercial Code foreclosure auction.
Savanna purchased the mezzanine loan on the office building at 100 Wall Street, previously owned by Broadway Partners, with a “loan-to-own” strategy it had employed recently on other Manhattan distressed opportunities. The firm is now working with Jones Lang LaSalle to reduce the property’s 23% vacancy rate.
When speaking of Savanna’s recent acquisition splurge, GlobeSt.com quoted data aggregated by Real Capital Analytics to stated that, “Savanna is currently in contract on another Downtown office property, 80 Broad St., which it’s acquiring for $66 million from ownership led by Swig Equities in a debtor-controlled sale.” Additionally, Savanna has acquired 386 Park Avenue, 104 West 40th Street, 5 Hanover Square, and 1375 Broadway over the past year as they comb Manhattan for deals.
View the full article on Globe St: Savanna Extends Buying Tear to Include Assets Out of Foreclosure
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Posted by: Nina Turner