225-233 Park Ave. South. Photo Credit: Neoscape 225-233 Park Ave. South recently underwent a $135-million capital improvement program. Photo Credit: Neoscape

NEW YORK CITY—Orda Management Corp. has closed on $430 million in debt financing provided by Barclays on its recently repositioned 225-233 Park Ave. South office building here.

The deal, arranged by NKF Capital Markets, is structured as a 10-year fixed rate interest-only loan that replaces a $217-million loan from New York State Teachers’ Retirement System. According to NKF Capital, the financing allowed the building owner to recapture equity spent on a $135-million capital improvement program at the complex that was undertaken over the last 18 months.

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