The 20-story tower was originally completed in 1987 and was acquired by Carlyle and Paradigm's joint venture, Carlyle/Paradigm 99 Summer, LLC, in April, 2000. The building was designed by Goody, Clancy & Associates and features two below grade parking levels that can accommodate 150 cars.
New York City-based Ackman-Ziff was engaged by Carlyle and Paradigm to secure a floating rate first mortgage. The loan, which was ultimately consummated with an insurance company, received strong interest from several New York-based lending institutions, according to a released statement.
Ackman-Ziff specializes in debt, mezzanine and equity financing for commercial real estate. Last year, the firm arranged $1.2 billion of debt, mezzanine and equity capital for real estate transactions.
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