Jun
08
Vintage NYC Building Scores $430M Refi
ByThe 675,000-square-foot, Class A property was built in 1909 and consists of two contiguous buildings near Union Square, Gramercy Park and Madison Square Park.
Orda Management Corp. has closed on $430 million in debt financing on 225-233 Park Avenue South in Manhattan. Newmark Knight Frank Capital Markets was Orda’s exclusive advisor in the debt placement.
The loan was structured as a 10-year, fixed-rate, interest-only loan. Barclays provided the financing, which replaced a previous $217 million loan from the New York State Teachers’ Retirement System. The funding reportedly allowed ownership to recapture equity spent on a recent $135 million, 18-month capital improvement plan…
