Morgan Stanley Refis Midtown Office Building
By Guelda Voien March 26, 2015 1:12 pm
reprints
Morgan Stanley (MS) provided a $19.5 million loan to refinance 33 West 46th Street, a Midtown Manhattan office building, according to CBRE (CBRE), the broker on the deal.
The 38,259-square-foot, 1915 loft office building in Manhattan was sold to an LLC associated with the government of Argentina in 2009 for $11 million, according to city records and a source with knowledge of that deal. CBRE declined to comment on the ownership.
“After a comprehensive renovation program, sponsorship completed an aggressive leasing program, which resulted in 100 percent occupancy as of early 2015,” a representative for CBRE said in a statement.
The new debt retires the previous acquisition and bridge debt, of $18 million, which was provided by G4 Capital Partners, according to city records.
The new fixed-rate, non-recourse loan has a 10-year term and a rate in the “low 4 percent range,” according to the broker.
Jason Gaccione, Michael Sherman and and Irene Lu worked on the transaction.
“We were able to coordinate timing such that the final tenants took occupancy as Morgan Stanley was closing the loan,” Mr. Gaccione said. “Also, as part of the loan structure, Morgan Staley provided the borrower with the ability to complete construction and lease-up of a penthouse addition, which would, in-turn, provide an additional advancement of the loan.”
