450 W 33rd Street – New York City
- Private investors acquired 1.7 million square foot office building for $280MM but needed $60MM in cash to close deal
- Princeton procured a $35MM mezzanine loan and received a 30% equity kicker. Princeton also invested $8MM as equity (un-promoted) to secure a total of 50% of the venture between its equity and equity kicker.
- Princeton sold $30MM of the mezzanine loan and three years generated a sizeable profit on a sale of the property
- Princeton and its JV partner retained a half interest in the property’s 750,000 square feet of air rights