NEW YORK CITY—The William Kaufman Organization and a subsidiary of Travelers Insurance Co. have secured a $65 million leasehold mortgage loan in Midtown East, for 747 Third Ave.
The Singer & Bassuk Organization arranged the financing. More specifically, the firm's Andrew Singer and Kathleen McSharry lined up the capital, marking the third time since 2000 that the two professionals have completed such a transaction for the building
The loan was provided by AXA Equitable Life Insurance Co., with underwriting and closing services provided by Quadrant Real Estate Advisors.
Jonathan Kaufman Iger, CEO of Sage Realty Corp.—the leasing and management division of The William Kaufman Organization—says, “SBO has long played a crucial role as trusted financial advisors in our NYC portfolio. We look forward to continue growing this long-term relationship in the coming years.”
“We were delighted to be given the opportunity to arrange this latest loan, our third assignment for the property since 2000, on behalf of a sophisticated owner like The William Kaufman Organization,” adds Andrew J. Singer, chairman and CEO of SBO. “We have arranged many mortgage loans for the Kaufman's NYC portfolio, which totals over three million square feet. We look forward to continuing our work for them and delivering outstanding financing for their distinguished projects in the future.”
The 2000 financing was part of a multi-property refinancing arranged by SBO that resulted in Singer and McSharry receiving REBNY's Most Ingenious Deal of the Year award for financing in 2001.
The 471,240-square-foot, Class-A, office building was built in 1972 and spans the entire east block of Third Avenue between East 46th and 47th Streets with wrap around coverage on 47 Street. The property recently underwent a $17.3 million capital improvement program which included new lobbies, elevators, digital art, and high-tech security programs.
Located in the Grand Central District, the property is accessible to commuters and in walking distance to Grand Central Station, which includes access to several subway lines, such as the 4,5,6, E, M and 7 trains, along with the shuttle to Times Square. The property is in close proximity to the United Nations, many prime NYC hotels, retail shopping and fine dining.
The Singer & Bassuk Organization arranged the financing. More specifically, the firm's Andrew Singer and Kathleen McSharry lined up the capital, marking the third time since 2000 that the two professionals have completed such a transaction for the building
The loan was provided by AXA Equitable Life Insurance Co., with underwriting and closing services provided by Quadrant Real Estate Advisors.
Jonathan Kaufman Iger, CEO of Sage Realty Corp.—the leasing and management division of The William Kaufman Organization—says, “SBO has long played a crucial role as trusted financial advisors in our NYC portfolio. We look forward to continue growing this long-term relationship in the coming years.”
“We were delighted to be given the opportunity to arrange this latest loan, our third assignment for the property since 2000, on behalf of a sophisticated owner like The William Kaufman Organization,” adds Andrew J. Singer, chairman and CEO of SBO. “We have arranged many mortgage loans for the Kaufman's NYC portfolio, which totals over three million square feet. We look forward to continuing our work for them and delivering outstanding financing for their distinguished projects in the future.”
The 2000 financing was part of a multi-property refinancing arranged by SBO that resulted in Singer and McSharry receiving REBNY's Most Ingenious Deal of the Year award for financing in 2001.
The 471,240-square-foot, Class-A, office building was built in 1972 and spans the entire east block of Third Avenue between East 46th and 47th Streets with wrap around coverage on 47 Street. The property recently underwent a $17.3 million capital improvement program which included new lobbies, elevators, digital art, and high-tech security programs.
Located in the Grand Central District, the property is accessible to commuters and in walking distance to Grand Central Station, which includes access to several subway lines, such as the 4,5,6, E, M and 7 trains, along with the shuttle to Times Square. The property is in close proximity to the United Nations, many prime NYC hotels, retail shopping and fine dining.
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