Real Estate Weekly
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Debt & Equity

MJ Orbach lands $66M mortgage for 27 West 24th St. in the Flatiron District

Brooklyn-based MJ Orbach Associates has closed a $66 million Signature Bank loan for 27 West 24th Street, property records show.

The deal consolidates four notes on the property into a single first mortgage.  The debt carries an interest rate of 4.375 percent, according to loan documents.

Recent lease deals in the 11-story office tower involve personal finance company Stash Invest, which renewed and expanded for 5,788 s/f, and management consulting firm Incandescent, which took 4,119 s/f. Other tenants in the property include Indochine International, Digital Brand Architects and healthcare tech firm Vericred.

MJ Orbach acquired the building in 2015 for $92.5 million. The previous owner was the Kaufman Organization. MJ Orbach purchased the Flatiron District property with a $52.5 million loan, also from Signature Bank.



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