(Read more on the debt and equity markets.)

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 located at 304 Park Ave. S. in Lower Midtown. The property is currently 98% leased.

Built in 1930 and renovated over the past few years, the corner property is an 11-story, 203,168-sf office asset with prime corner retail space. “We are excited to expand our interests in this very strong market and value the local experience that Walter & Samuels offers,” notes David Cohen, eastern regional director of GE Real Estate. “Demand for office space in Manhattan is exceeding supply, and this is an ideal time to increase our interests in the city.”

“We appreciate the efficiency and flexibility with which GE Real Estate closed this deal, despite the current volatility in the real estate market,” says David Berley, the principal of Walter & Samuels and managing member of the affiliate borrower, in a release. “This property is well-located in an area with strong rent growth and high occupancy rates. We’re excited to complete the refinance of this property.”

Office tenants include Capitol Records Inc., Comp-Info Inc./Humming Bird, ING Models Inc., Virgo Business Center and World Publications Inc. Retail tenants include Bath & Body Works, H&R Block, Hallmark, Starbucks and Time Warner Cable.

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