Jamestown Partnership Locks Down $314M Bank of China Loan for NoMad Office Building
By Danielle Balbi May 19, 2016 12:15 pm
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Bank of China has provided a $313.5 million loan to Jamestown, George Comfort & Sons and Loeb Partners on a block-wide NoMad office tower, Commercial Observer can first report.
The loan, which closed on May 18, will replace old debt and provide the borrowers with extra funds to complete renovations on the 15-story building at 63 Madison Avenue, a source with intimate knowledge of the deal confirmed on the condition of anonymity. The property, which occupies the entire block between East 27th and East 28th Streets, was completed in 1961.
In February, Jamestown joined George Comfort and Loeb Partners’ joint venture in ownership of the 870,000-square-foot building, sweeping up a 49 percent stake for roughly $271 million, according to data from CoStar Group. Tenants include IBM and beauty subscription service provider Birchbox.
In that same transaction, Jamestown paid $293 million for a 49 percent stake in 200 Madison Avenue between East 35th and East 36th Streets from the joint venture of George Comfort & Sons and Loeb, according to CoStar. The 26-story, 750,000-square-foot office building was constructed in 1926. Tenants include Greater New York Mutual Insurance Company and event planner Maverick Events. The building’s new ownership secured a $150 million refinancing from New York Life Insurance Company in late March, New York City Department of Finance filings show.
It’s not Bank of China’s first time lending on 63 Madison Avenue. In fact, the relationship dates back to February 2010, city records indicate, when the bank provided George Comfort and Loeb Partners with $150 million on the property. Since then, Bank of China has lent on the asset twice, excluding the latest $320 million financing.
Spokespersons for George Comfort and Jamestown declined to comment and a representative for Bank of China declined to comment. A representative for Loeb Partners was not available for comment.
