A deal to save Murray Hill Properties’ tower at 1180 Sixth Avenue has been completed.
The property, between 46th and 47th streets, was almost foreclosed upon when the Shorenstein Group, a mezzanine loan holder, bought the equivalent of the B-note for the property and started foreclosure proceedings, Norman Sturner, CEO of Murray Hill Properties told the New York Observer. Thankfully, a mystery Asian investor stepped in to rescue Murray Hill Properties’ prized tower.
The investor saved the building in the refinancing deal which just closed that included a $100 million equity investment and $165 million of refinancing. Murray Hill Properties remains the operating partner for the property, which it purchased four years ago for $300 million.
Howard Michaels, chairman of the Carlton Group, who structured the refinancing, said of the mystery investor: “They wanted to be invested in the market and looked for a counterparty, a qualified operating partner that has an infrastructure and a leasing team here on the ground.” [NYO]