Deutsche Pfandbriefbank Refis 551 Madison With $78M Loan
By Andrew Coen July 7, 2022 2:55 pm
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Lexin Capital has secured a $78 million debt package to refinance a Midtown office building it acquired five years ago, according to property records.
Deutsche Pfandbriefbank provided the loan on Lexin’s 551 Madison Avenue, a 17-story asset in the Plaza District. Lexin purchased the 151,000-square-foot property in January 2017 from Barings for $155 million, The Real Deal reported at the time. The transaction marks the second for Deutsche Pfandbriefbank on behalf of Lexin after also closing a loan its property on 220 West 28th Street.
“With the refinancing, we paid back the previous lender and also increased our investment and with the additional proceeds we will continue to invest into our property and improve and add amenities for our tenants like our new lounge,” said Metin Negrin, president of Lexin Capital.
Barings, which was formerly known as Cornerstone Real Estate Advisers, initially bought the building from LaSalle Investment Management for $128 million in 2012 and secured a $63 million loan from Principal Life Insurance a year later, per TRD.
The 1922-built 551 Madison houses corporate offices for Omni Hotels and Resorts and French clothing company Lacoste, among other office tenants. It also features 17,000 square feet of retail space.
Representatives for Deutsche Bank and Lexin Capital did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
