Churchill Receives $52M Refinancing 263 W. 34th St.
Marathon Asset Management provided the floating-rate loan for the new boutique office building in Midtown South.
NEW YORK CITY—Churchill Real Estate Holdings has refinanced its office property at 263 W. 34th St. that’s located between Seventh and Eighth avenues. The lender Marathon Asset Management is providing a $52 million floating-rate loan for the new construction. The property has 26,678 square feet of office space, and 16,000 square feet of retail including 8,000 square feet on the ground floor with 80 feet of frontage along 34th Street. The building also features flexible office floor plates of 5,336 square feet. Construction is expected to be completed this month.
Newmark Knight Frank’s Dustin Stolly and Jordan Roeschlaub, Daniel Fromm and Nick Scribani represented the building owner in the financing negotiations.
“The property is in a prime position to take advantage of growing trends within the market. The Class A buildout, small floor plates and outdoor rooftop space caters extremely well to the continuously growing tech presence in New York,” says Stolly.
“The property’s location will greatly benefit and be further improved by the nearby Hudson Yards and Manhattan West mixed-use developments as well as the $3 billion renovation and transformation of Penn Station,” adds Roeschlaub.
Churchill is led by founders and managing partners Justin Ehrlich and Sorabh Maheshwari, who prior to forming their alternative real estate investment platform had completed over $5 billion of debt and equity transactions including New York City development projects at 250 Bowery, 11 North Moore, 290 West St., 471 Washington St., 157 Hudson St. and 13 Laight St.