The Real Deal New York

Kamber receives $150M loan for Tower 45 purchase

Midtown-based firm bought 40-story office building from SL Green for $365M

September 29, 2015 01:40PM

Steven Kandarian Park 45

From left: MetLife’s Steven Kandarian and Park 45 at 120 West 45th in Midtown

Kamber Management Company received a $150 million loan to fund the acquisition of Tower 45 in Midtown.

Insurance giant MetLife provided a 10-year loan, which covers just over 40 percent of the purchase price. The MetLife loan checks in at an interest rate of 3.64 percent. Estreich & Company brokered the loan deal.

Kamber, until recently an under-the-radar firm, closed on the 40-story building from SL Green last week, according to the New York Observer. The Midtown-based company paid the real estate investment trust $365 million for the property, as The Real Deal reported in July, and plans to keep it as a Class A office building.

The 458,446-square-foot tower at 120 West 45th Street houses at Aquila Management, D.E. Shaw Research and others. It was recently renovated.

Kamber, which also owns 15 West 37th Street, has had a fairly busy month, closing on the sale of 19-28 West 33rd Street to the Carlyle Group for $111 million. SL Green is using the sale of Tower 45 to help fund its landmark $2.6 billion purchase of 11 Madison Avenue. [NYO]James Kleimann