ICBC Supplies $24.4M Refi for 16-Story NoMad Office Tower

LMR Assets, a real estate investment entity of Gourmet Home Products, landed a $24.4 million loan to refinance its office and retail tower at 148 Madison Avenue, Commercial Observer has learned.

The U.S. arm of Industrial and Commercial Bank of China (ICBC) supplied the loan for the 16-story building. The circa-1917 tower, located in Manhattan’s NoMad neighborhood, occupies a full Madison Avenue block face between East 31st and East 32nd streets. 

Meridian Capital Group’s Benjamin Klugmann and Ariel Taieb arranged the deal for LMR.

“ICBC recognized the quality of the real estate and the strength of the sponsorship, and we were pleased to deliver a financing structure that fits the property and the owners’ long-term plans for the building,” Klugmann said in a statement to CO. 

The sponsor, led by Jack Saadeh, Victor Saadeh and Jack Yadid, acquired the building for $31.3 million in June 2024 in an owner-occupier deal. It was the first commercial real estate purchase for the real estate arm of Gourmet Home Products, which owns and operates several houseware and lifestyle brands. The company moved its operations there from its previous home at 347 Fifth Avenue. 

Since its purchase, LMR has invested in capital improvements across the 71,871-square-foot tower, according to Meridian. The property features 15 office spaces and a retail space currently occupied by Brazilian luxury furniture brand Ornare. 

Spokespeople for Gourmet Home Products and ICBC did not immediately respond to requests for comment.

Emily Davis can be reached at edavis@commercialobserver.com.