Bank of China Provides $169M Loan on 295 Madison Avenue
Danielle Balbi Nov. 25, 2015, 11:38 a.m.
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.
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.