Normandy Real Estate Partners announced it has secured $72 million in financing for 125 West 25th Street, an office property located in Manhattan’s Midtown South submarket.
JLL secured the loan on behalf of Normandy. Natixis provided the financing.
“With this financing in place, our efforts are now focused on completing construction and finishing the redevelopment of the asset which will feature an open, loft-style setting and upgrades to the lobby, new enlarged windows, new elevators, and a new roof terrace and penthouse,” said Paul Teti, principal at Normandy Real Estate Partners.
“We’re excited to begin showing prospective tenants this ideally situated property that’s in the heart of Manhattan’s technology and media center.”
Dustin Stolly, managing director at JLL, noted, “Midtown South is one of Manhattan’s fastest rising submarkets, and investors and lenders are taking pre-war properties and turning them into Class A assets with features that appeal to today’s media and technology tenants,.
“Backed by premier sponsorship, 125 West 25th Street is poised to deliver strong yields.”
Stolly and vice president Aaron Niedermayer led the JLL team on the transaction.