By June 2021, they were negotiating potential refinancing deals with Bank of America and Citibank.īut the appraisal that they needed to refinance went awry when one tenant downsized and another failed to file a notice of renewal, causing a projected $900,000 reduction in an annual rental income. The 2017 loan’s initial maturity date was August 2019, but the owners exercised their right to extend the term by two years. Hello Living faces end as Madison Realty pursues foreclosure.Oaktree Capital buys Soho retail condo for $34M.Westchester office park slated for auction.JPMorgan then sold the mezzanine portion to Oaktree. The loan replaces $132 million in debt - a $94 million mortgage and a $38 million mezzanine loan - issued by JPMorgan in 2017, a decade after George Comfort & Sons, in partnership with New York-based real estate investment firm O’Connor Capital Partners, acquired the 686,000-square-foot property at 1, 2, 3, 4 Manhattanville Road in Harrison for $166 million from Related Properties. The $134 million refinancing deal that rescued the Manhattan-based landlord’s Centre at Purchase office campus consists of a $105 million mortgage loan from Bank of America and a $29 million mezzanine loan from real estate lender RCG Longview, according to George Comfort & Sons. George Comfort & Sons’ last-ditch refinancing effort has kept its Westchester office campus from being foreclosed by its mezzanine lender, an affiliate of Oaktree Capital Management. The Centre at Purchase and George Comfort & Sons CEO Peter Duncan (George Comfort & Sons)
0 Comments
Leave a Reply. |