APF Properties has secured $60 million in CMBS financing for a midtown office property in a deal arranged by Meridan Capital.
The ten-year loan, provided by Jeffries LoanCore, features a fixed-rate of 3.80 percent and full-term interest-only payments.
The transaction was negotiated by Meridian senior managing director Tal Bar-Or, vice president, Raj Khatiwala, and senior associate Kyle Kite who are all based in the company’s New York City headquarters.
The 23-story, 131,358 s/f office building at 286 Madison Avenue in Midtown is close to Bryant Park, Grand Central Terminal, restaurants, neighborhood services and shops.
APF Properties invested ,and continues to re-invest, significant capital to upgrade the lobby, elevators, corridors, windows and other elements of 286 Madison Avenue.
The property features a modernized lobby, elevators and restrooms. It also has a 24/7 attended lobby and is Energy Star and Wired Score certified.
The space at 286 Madison Avenue is sought by small-and medium-sized professional service firms for its convenient location, availability of full-floor identity and its excellent location in the heart of Midtown.
“We are pleased to have worked with APF Properties and LoanCore to tailor a solution that allowed the borrower to take advantage of a long-term interest-only loan while locking in a rate below 4.00%,” explained Bar-Or.
“These favorable loan terms were achieved as a result of the strong sponsorship and highly regarded management of APF Properties.”