Oxford Properties Group closed on a $110 million mortgage to buy the leasehold interests in retail spaces and rental property within 252 East 57th Street.
Toronto-based Oxford, the real estate investment arm of the Ontario Municipal Employee Retirement System, finalized the loan with Deutsche Bank’s New York Branch on Monday morning, according to online city records.
Developed by World Wide Group and Rose Associates, 252 East 57th has 95 residential units and stands 65 stories tall at the corner of Second Avenue. Oxford committed to pay nearly $280 million for a share of the building in February, though at the time it said it would finance between $150 million and $180 million in outside financing, according to a report from The Real Deal.
Oxford has been one of the more active institutional investors in New York City’s real estate market in recent years, buying a portion of St. John’s Terminal in January, partnering with the Related Companies on 10 Hudson Yards.