Bank of China Provides $169M Loan on 295 Madison Avenue
By Danielle Balbi November 25, 2015 11:38 am
reprints
The Eretz Group received a $169 million loan from Bank of China to refinance old debt on a 45-story building in Midtown, according to records filed with the city on Tuesday.
SL Green Realty Corp. provided a $110 million loan to fund the Eretz Group’s acquisition of the building, according to someone familiar with the transaction. The loan from Bank of China, which closed on Nov. 12, is replacing that debt.
Eretz Group, which is run by Abe Talassazan, bought the building at 295 Madison Avenue for $212.7 million from Westbrook Partners and The Moinian Group in August 2013.
Six years prior, in 2007, Westbrook and Monian paid $180 million for the tower.
In 2013, Westbrook was selling a portfolio of properties, including 295 Madison Avenue. The roughly $1 billion package included a disclaimer which allowed for the individual purchase of the buildings, as Commercial Observer previously reported.
The tower was built in 1929 and sits between East 40th and East 41st Streets, just south of Grand Central Terminal. It encompasses 288,708 square feet of office space and 9,920 square feet of retail space.
Tenants include employment staffing agency Society Staffing, investment firm Sontag Advisory and law firm Malapero & Prisco. In September, Environmental Resource Management signed a lease for 5,000 square feet, as CO reported.
Representatives for Eretz and Bank of China declined to comment.
