Windsor Management Secures $20M to REFI Midtown Office
Located between Fifth and Sixth Avenues, the 1920-built property was refinanced with a 10-year, fixed-rate refinancing through a life insurance company.
NEW YORK CITY – Windsor Management Corporation, a New York-based commercial real estate firm, has secured a $20 million loan to refinance 16 West 36th St., a 13-story, 67,271-square-foot office building in Midtown, Manhattan. Jones Lang LaSalle arranged the transaction.
Located between Fifth and Sixth Avenues, the 1920-built property was refinanced with a 10-year, fixed-rate loan through a life insurance company. The 97 percent occupied property has floor plates of an average of 5,057 square feet, attractive for boutique tenants seeking to occupy a full floor.
“This is an extremely well-located asset with a best-in-class multi-generational family owner and operator,” said JLL Managing Director Steven Klein in a prepared statement.
Windsor Management recently executed capital improvements on the property, retrofitting suites for new tenants with high-end finishes, including glass walls, new bathrooms, polished concrete floors, LED lights and luxury kitchen pantries with stone countertops.
Situated in the Garment District and in proximity to Bryant Park, Times Square, Madison Square Park and Madison Square Garden, it is within a five-block radius of major transportation hubs, including the 7, B, D, F and M stops at Bryant Park, the 1, 2, 3 and LIRR at Penn Station, and the 4, 5, 6, and 7 at Grand Central, as well as the Port Authority bus terminal.