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NEW YORK CITY-A joint venture that completed the $158-million acquisition of 450 Park Ave. earlier this month has closed on $112 million in financing earmarked for payment of existing debt on the 339,000-sf property.

The five-year, adjustable-rate first mortgage was arranged by Evan Pariser of commercial mortgage banking and investment sales firm Holliday Fenoglio Fowler LP. German bank HypoVereinsbank provided the financing. “The Hypo team delivered a commitment within one week of receipt of the signed application and closed the loan seven weeks later,” Pariser notes.

GlobeSt.com reported in April that a joint venture of Manhattan based Taconic Investment Partners and the New York State Common Retirement Fund had agreed to acquire the property. (Click here to read the original story.) The closing, also reported on GlobeSt.com, took place June 3. Eastdil Realty managing director Douglas Harmon brokered for the seller, an investment group led by Peter Sharp. The buyer was self-represented.

Located on the southwest corner of Park Avenue and 57th Street, the 33-story property became the eye of a bidding storm that began as soon as word of the building’s availability began to circulate. Shortly after it was put on the market in January, 450 Park had more than 60 investors vying for the class A office tower, including a $160-million offer from RFR Holdings.

The building’s new ownership says it has long-term plans for the asset and intends to upgrade and improve the property’s position in the market.

Meanwhile, 1370 Avenue of the Americas, sister property to 450 Park, closed last week in a $148-million deal. Eastdil’s Harmon represented sellers Westbrook Partners and Stellar management. Newly formed fund Normandy Real Estate Partners bought the property before it hit the market.

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