News:
Brokerage
Posted: September 6, 2016
Meridian’s Bar-Or, Khatiwala and Kite negotiate $60 million CMBS loan
286 Madison Avenue - Manhattan, NYManhattan, NY Meridian Capital Group arranged $60 million in CMBS financing for the refinance of an office property located at 286 Madison Ave. in midtown on behalf of APF Properties.
Meridian Capital Group" width="125" height="160" /> Tal Bar-Or, Meridian Capital GroupThe ten-year loan, provided by Jeffries LoanCore, features a fixed-rate of 3.80% and full-term interest-only payments. This transaction was negotiated by Meridian senior managing director, Tal Bar-Or, vice president, Raj Khatiwala, and senior associate, Kyle Kite.
The 23-story office building contains 131,358 s/f.
The property is situated close to Bryant Park, Grand Central Terminal, a variety of restaurants, neighborhood services and high-end shops. APF Properties invested and continues to reinvest significant capital to upgrade the lobby, elevators, corridors, windows and other elements of 286 Madison Avenue. The property features a modernized lobby, elevators and restrooms. It also has a 24/7 attended lobby and is Energy Star and Wired Score certified. The space at 286 Madison Avenue is sought by small-and medium-sized professional service firms for its convenient location, availability of full-floor identity and its excellent location in the heart of Midtown.
“We are pleased to have worked with APF Properties and LoanCore to tailor a solution that allowed the borrower to take advantage of a long-term interest-only loan while locking in a rate below 4.00%,” explained Mr. Bar-Or. “These favorable loan terms were achieved as a result of the strong sponsorship and highly regarded management of APF Properties,” he added.
Tags:
Brokerage
MORE FROM Brokerage
Horvath & Tremblay Announces Strategic Integration of B6 Real Estate Advisors, Expanding New York City Presence
New York, NY Horvath & Tremblay, a premier real estate services firm specializing in investment real estate brokerage, 1031 exchanges, debt/equity placement, and appraisal & valuation services, announced the strategic integration of B6 Real Estate Advisors into the firm’s growing national platform.
Columns and Thought Leadership
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,
Strategic pause - by Shallini Mehra and Chirag Doshi
Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
AI comes to public relations, but be cautious, experts say - by Harry Zlokower
Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,
