M&T Refis Flatiron Office Building with $37M Loan
Danielle Balbi Aug. 3, 2016, 5:41 p.m.
Real estate owner and operator C.A. White received a $37 million mortgage from M&T Bank to refinance a 10-story office building in Midtown South, Commercial Observer has learned.
The New Haven, Conn.-based company has owned the property at 18 West 18th Street between Fifth Avenue and Avenue of the Americas since 1998, city records show.
Lucian Cohen from M&T originated the financing, which replaces $18 million in old debt on the building and provides the borrower with an additional $19 million of cash in hand. Some of the new funds will be used toward improvements on the property.
“Eighteen West 18th is a great building in an area that has seen strong rent growth and interest from a variety of tenants,” said George Doerre, a vice president and team leader at M&T’s commercial real estate group. “As a relationship bank, we’re always pleased to work with a longtime client on an asset we know well.”
There was no broker involved in the transaction.
Tenants in the 193,595-square-foot building include theater company Collaborate Arts Project 21 and book publisher Farrar, Straus & Giroux. Coworking space provider Tech Space has a location at the building and Books of Wonder operates the 1,000-square-foot ground-floor retail space. Cushman & Wakefield handles leasing and as of 2013 asking rent in the building was $59 per square foot, according to CoStar Group.
A representative for C.A. White did not immediately respond to a request for comment.