J.P. Morgan Provides $70M for Garment District Office Building Refi
By Mack Burke December 6, 2017 4:54 pm
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George Comfort & Sons has nabbed $70 million from J.P. Morgan Chase to refinance 307 West 38th Street in Chelsea, according to records filed yesterday with the city’s Department of Finance.
J.P. Morgan refinanced a $35 million loan on the 302,326-square-foot office building that was originated by Barclays in May 2014 and placed in the J.P. Morgan-sponsored JPMBB 2014-C21 CMBS conduit transaction, according to Trepp data. The loan represented 2.84 percent of the remaining collateral in the CMBS deal.
J.P. Morgan supplemented the refinance with $35 million of additional debt in the form of a bridge loan.
A previous $9 million loan on the property—originated by Barclays in May 2005—made to George Comfort & Sons also had a CMBS execution and closed in July 2005. It was placed in the Bank of America (BAC)-sponsored BACM 2005-3 conduit deal. The 10-year, fixed rate loan was fully defeased and paid at maturity.
Built in 1927, the 20-story office building’s current occupancy level rests at 90 percent, with a roster of tenants, including New York-based clothing accessory provider Tiger Button Company, Vanguard Construction and Kaleidoscope Imaging of New York. The property has an alternate address of 307-317 West 38th Street between Eighth and Ninth Avenues.
Officials at George Comfort & Sons could not immediately be reached for comment. Officials at J.P. Morgan declined to comment.
