APF Properties Modifies $177M Loan on 183 Madison Avenue

APF Properties modified the $177 million loan on its office property at 183 Madison Avenue, sources told Commercial Observer. 

The existing debt, from LoanCore Capital, was bifurcated into an A/B note structure, sources said, with a new $90 million A note. The debt was also extended out for a new four-year term with a one-year extension option, sources said. 

Iron Hound Management led the restructuring negotiations, sources said.

PincusCo. first reported news of the transaction. 

The landmarked, Art Deco, 275,413-square-foot property has its entrance on East 34th Street between Madison Avenue and Park Avenue South. Built in 1925, it’s also known as the Madison Belmont Building and was built for the Cheney Brothers Silk Company — the largest silk mill in the U.S. at the time. 

Kenneth Aschendorf‘s APF acquired the property for roughly $222.5 million in 2018 from Tishman Speyer with a $182 million loan from LoanCore, CO reported at the time. WeWork, a tenant in the building, fell behind on its rent and caused the loan to miss its September maturity date, The Real Deal reported. 

Recent leasing activity at the building includes online health care provider Thirty Madison, which leased 15,440 square feet in March 2024, and podcasting production company Audioboom, which took 5,118 square feet the same month. Other tenants include G4 Capital Partners and venture capital firm Alumni Ventures Group. 

APF, LoanCore and Iron Hound declined to comment. 

Cathy Cunningham can be reached at ccunningham@commercialobserver.com