NEW YORK CITY—Orda Management Corp. has closed on $430 millionin debt financing provided by Barclays on its recently repositioned225-233 Park Ave. South office building here.
The deal, arranged by NKF Capital Markets, is structured as a10-year fixed rate interest-only loan that replaces a $217-millionloan from New York State Teachers' Retirement System. According toNKF Capital, the financing allowed the building owner to recaptureequity spent on a $135-million capital improvement program at thecomplex that was undertaken over the last 18 months.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
