APF Properties received a $60 million loan from Jefferies LoanCore to refinance 286 Madison Avenue, a 23-story office building in Midtown Manhattan, Commercial Observer has learned. The debt will be securitized in the commercial mortgage-backed securities market.
Meridian Capital Group’s Tal Bar-Or, Raj Khatiwala and Kyle Kite arranged the 10-year loan, which carries a fixed-rate of 3.8 percent and is interest-only for the full term.
APF, which purchased the building for $44 million from SL Green Realty Corp. in July 2006, took out $32.7 million in acquisition financing from Deutsche Bank at the time, city records indicate.
“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 percent,” Bar-Or said in prepared remarks provided to CO. “These favorable loan terms were achieved as a result of the strong sponsorship and highly regarded management of APF Properties.”
The property sits between East 40th and East 41st Streets, near Bryant Park and Grand Central Station and across from RXR Realty’s 285 Madison Avenue. APF recently upgraded the lobby, elevators, restrooms, corridors and windows in 286 Madison Avenue. Tenants in the 131,358-square-foot building include Pivotal Research Group, Eureka Capital Partners and accounting firm Josephson Luxemberg Kanc.
Representatives for Jefferies LoanCore and APF were not immediately available for comment.