June 6, 2017
Newmark Knight Frank (NKF) closed $430 million in debt financing on Orda Management Corporation’s 225-233 Park Avenue South in Manhattan. NKF’s Jordan Roeschlaub, Steven Sperandio and Daniel Fromm brokered and structured the financing of the nearly 100%-leased trophy asset.
The loan was structured as a 10-year, fixed-rate loan that is fully interest-only. Barclays provided the loan that replaced a $217-million loan from New York State Teachers’ Retirement System. The funding allowed ownership to successfully recapture $135 million in equity that was spent on a recent capital investment.
The 675,000-square-foot, Class-A property, which features two contiguous buildings located in close proximity to Union Square, Gramercy Park, and Madison Square Park, was built in 1909. Among the higher profile tenants at the building are Facebook, BuzzFeed and T. Rowe Price.
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