Wachovia closes three New York real estate transactions

NEW YORK — Wachovia Securities Real Estate Capital Markets Group has announced the closing of three New York real estate deals.

Among the transactions is a $208 million loan to 601 West Associates to refinance the Starrett Lehigh Building, a 20-story loft office building, which contains nearly $2.3 million sq. ft. for rent. Other transactions include a $155 million loan for Angelo, Gordon & Co., Belvedere Capital and Irwin Cohen to refinance the 1.2 million sq. ft. Chelsea Market office building, and a $65 million loan for Northstar Capital Investment Corp. and Ian Schrager Hotels to refinance the Empire Hotel, located in Midtown Manhattan.

"These superior transactions represent the momentum we have in the New York marketplace," said Patrick Ciriello, senior sales manager for commercial mortgage origination. "We are excited to have completed this financing in such a tough market environment."

Wachovia Corp., created through the Sept. 1, merger of First Union Corp. and Wachovia Corp., with pro forma assets of $322 billion as of June 30, provides financial services to 19 million retail and corporate customers throughout the United States.

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