El Ad Group $229.4 million inventory loan for 108 Leonard Street
We advised El Ad Group on the financing
Davis Polk advised El Ad Group in obtaining an approximately $229.4 million inventory loan comprised of a $184.4 million senior loan and a $45 million mezzanine loan from JPMorgan Chase Bank National Association.
108 Leonard Street (a/k/a 346 Broadway), a 19th century-era landmarked building, was acquired from the New York City Economic Development Corporation in 2013 by a joint venture between affiliates of El Ad Group and The Peebles Corporation. The approximately 419,000 square foot building once served as the headquarters of New York Life Insurance Company and more recently housed the New York City Criminal Court.
El Ad Group, a real estate investment and development company, is part of the Tshuva Group of Companies controlled by Isaac Tshuva, an Israeli businessman. El Ad is actively involved in residential and commercial developments in prime U.S. and Canadian markets with a portfolio of completed and current developments that include the acquisition, restoration and condominium conversion of the Plaza Hotel and the development of One West End, a luxury condominium project on Manhattan’s West Side.
The Davis Polk real estate team included partner Michael J. Rishty and associate and Ben Montgomery. All members of the Davis Polk team are based in the New York office.