Real-Estate

Tavros Capital Nabs $65 Million Refinance On Meatpacking District Properties

Tavros Capital Partners’ Nicholas Silvers and Dov Barnett with a rending 351 West 14th Street (Tavros, BKSK Architects)

Tavros Capital Partners landed a $65.3 million refinancing deal for a group of Meatpacking District properties it plans to redevelop into a much larger mixed-use complex.

Seoul-based Nonghyup Bank provided the debt, which replaced an existing loan of a similar amount.

Three years ago, Tavros sought an equity partner for its proposal to redevelop its Greek Revival-style walk-up and retail properties at 44-54 Ninth Avenue, 351 West 14th Street and 362-364 West 15th Street.

The current plan calls for 69 apartments and more than 60,000 square feet of commercial space. At 129,000 square feet, the complex would be more than double the size of the existing structure.

Under the plan, existing three- to four-story structures that date to the 19th century will be preserved, with their brick façades restored. A nine-story glass building will also replace a more recent addition, according to filings with the city in June.

Tavros’ properties are located in the Gansevoort Market Historic District. Last August, the city’s Landmark Preservation Commission approved the project proposal with modifications.

Tavros, led by Nicholas Silvers and Dov Barnett, acquired the properties for $105 million in 2014, according to public records. They did not return phone and email messages for comment.

Retailers and their landlords are still struggling from the effect of the pandemic. In April, the valuation of a property nearby at 415 West 13th Street fell by 70 percent to $13 million. That was after its tenant, clothing retailer AllSaints, had not paid rent at its 11,862-square-foot space since March, according to Trepp.

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