NEW YORK CITY—The William Kaufman Organization has closed on a$50 million permanent first mortgage loan for its landmarkedMeatpacking District office building at 320 West 13thSt., which was recently renamed 2 Gansevoort St.

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The loan, which was provided by M&T Bank, will fund tenantand ongoing capital improvements at the property, which isexperiencing a renaissance due to the changing character andgrowing popularity of the Meatpacking District as well as itslocation two blocks east of the High Line.

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Built in 1912 as a warehouse and trade school, thebuilding—which is situated at the intersection of West13th, Horatio and Gansevoort streets in the GreenwichVillage historic district— was acquired by Kaufman in 1948 as anaddition to its Manhattan portfolio of Class A office buildings,which includes 777 Third Ave., 767 Third Ave., 437 Madison Ave.,747 Third Ave. and 77 Water St. In recent years, asking rentsat the property have escalated from the mid-$30s to over $110 asquare foot.

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“We are transforming and repositioning this property, not onlyin name but through significant capital improvements, so that itcan take its rightful place as one of the signature buildings inthis resurgent neighborhood,” says Jonathan Kaufman Iger, VP ofSage Realty Corp., the leasing and management division of theWilliam Kaufman Organization.

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Andrew Singer, chairman of the Singer & Bassuk Organization,arranged the refinancing on behalf of William Kaufman.

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The ongoing transformation of 2 Gansevoort includes renovationsand upgrades to the building's lobby and main entrance, a completewindow replacement, elevators, and access management system.

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Rayna Katz

Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.