William Kaufman, Travelers Cos. Seal $185M Loan for 437 Madison Avenue
By Celia Young June 22, 2021 6:28 pm
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The William Kaufman Organization and The Travelers Companies have closed a $185 million refinance for 437 Madison Avenue, according to a source familiar with the deal.
The loan for the 40-story building was provided by Wells Fargo (WFC), a representative of Sage Realty Corporation, the leasing arm of William Kaufman, confirmed. The loan retires $145 million in debt from Bank of America, the source confirmed.
In 2017, Bank of America gave the building a new $40.5 million mortgage, consolidated with $105 million in existing debt that was held by Apple Bank, The Real Deal reported at the time.
The new loan exceeds the existing debt on the property, though the representative for Sage Realty did not comment on what the additional funds would be used for. It’s unclear if the loan will later be securitized in a commercial mortgage-backed securities (CMBS) deal.
Wells Fargo did not immediately respond to a request for comment.
The building, located between East 49th and East 50th streets, is home to investment firm Cambridge Associates, reinsurer Munich American Reassurance Company, Citizens Bank, and the nonprofit Carnegie Corporation of New York. Cambridge Associates doubled its footprint at the property last year, Commercial Observer reported.
Grant Frankel, Gary Phillips and Ethan Pond of Eastdil Secured brokered the deal on behalf of the owners. Eastdil declined to comment on the deal.
