NEW YORK CITY — Savanna, a New York-based real estate private equity and asset management firm, has taken title to 100 Wall Street, a 29-story, 504,000-square-foot Class A office building in Manhattan’s Financial District. In March 2011, an affiliate of Prudential had purchased the mezzanine loan — which was in default — and subsequently sold it to Savanna for $7.5 million. After acquiring the mezzanine loan, Savanna initiated a UCC foreclosure, which was completed in May 2011. Savanna then took 100 percent fee ownership and assumed the $117 million first mortgage loan. “In the past 10 months, Savanna has acquired a number of terrific office buildings in Manhattan, including 386 Park Avenue South, 104 West 40th Street, 5 Hanover Square, 1375 Broadway and the debt secured by 80 Broad Street,” says Nicholas Bienstock, a co-managing partner of Savanna, which pursues real estate equity and debt asset invesetments throughout the Northeast, focusing on directly owning and operating properties in New York City and the Washington, D.C. metro area. “Most of these acquisitions involved the purchase of defaulted debt as an initial entry point into the deal, and 100 Wall Street is another example of Savanna stepping into the fee ownership of …
