(Read more on the debt and equitymarkets.)
NEW YORK CITY-GE Real Estate has provided a $73.4-million,five-year flexible fixed-rate loan to an affiliate of Walter &Samuels Inc. for the refinance of a class B office building locatedat 304 Park Ave. S. in Lower Midtown. The property is currently 98%leased.
Built in 1930 and renovated over the past few years, the cornerproperty is an 11-story, 203,168-sf office asset with prime cornerretail space. "We are excited to expand our interests in this verystrong market and value the local experience that Walter &Samuels offers," notes David Cohen, eastern regional director of GEReal Estate. "Demand for office space in Manhattan is exceedingsupply, and this is an ideal time to increase our interests in thecity."
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