980 Madison lands $160M in financing

TRD New York /
Dec.December 23, 2013 05:16 PM

The owners of 980 Madison Avenue, led by Aby Rosen’s RFR Realty, have secured $160 million in financing for the Upper East Side office property, arranged by Meridian Capital Group.

The six-story, 131,000-square-foot building, located at Madison and East 77th Street, includes 14,650 square feet of ground-floor retail and 100,270 square feet of office and gallery space. Douglas Elliman is one of the tenants, as well as women’s apparel maker Rebecca Taylor; the global art gallery Gagosian Gallery is the building’s anchor tenant.

Rosen had in the past planned to erect a glass tower from the existing building at 980 Madison, but ran into opposition from area residents. For a time it appeared that RFR was running low on cash and that the building would go into default, but sources later told Crain’s that the situation had been resolved. The owners listed the property in February of this year, anticipating a sale of $100 million or more.

The building’s owner, an LLC called 980 Madison Owner, secured financing provided by a trio of banks including New York Community Bank, Bank United and Customers Bank. The terms for the seven-year loan include an interest rate of 4.125 percent plus a three-year extension. New York Community Bank retained a $90 million portion of the loan, and Bank United and Customers Bank put in $40 million and $30 million, respectively.

Meridian’s Max Herzog and Terry Baydala negotiated the transaction. [REW]Julie Strickland

Related Articles

1735 York Avenue and Bonjour Capital's Charles Dayan (Credit: Google Maps)

Dayan’s Bonjour Capital inks $115M refi for Upper East Side building

From left: Barbara Slifka, 477 Madison Avenue and RFR Holding's Aby Rosen (Credit: Google Maps and Getty Images)

Aby Rosen picks up Madison Avenue office property once center of family feud

A rendering of 210 East 135th Street 

Cheskel Schwimmer lands $65M construction loan for South Bronx project

The Four Seasons at 42 East 49th Street and Four Seasons managing partner Alex von Bidder (Credit: Four Seasons Restaurant)

Curtain closes on the Four Seasons at
280 Park

Deerfield's James E. Flynn and 345 Park Avenue South (Credit: RFR Realty)

Deerfield to pay $345M for Aby Rosen’s
345 Park Avenue South

The Chrysler Building and Aby Rosen of RFR Holdings

Abu Dhabi’s Chrysler crash

From left: 100 East 53rd Street, Alain Verzeroli, and Aby Rosen (Credit: Michelin Guide and Getty Images)

This restaurant will anchor Aby Rosen’s 100 East 53rd Street condo tower

Ana Sorokin (Credit: Getty Images)

Con artist who sought nightclub deal with Aby Rosen gets 4 to 12 years in prison