Normandy Real Estate Partners secured a $72 million loan for its planned renovation of its 138,000-square-foot Midtown South office building at 119-125 West 25th Street, The Real Deal has learned.
French bank Natixis provided the financing on the 12-story property, located between Sixth and Seventh avenues, said JLL’s Dustin Stolly, who brokered the deal along with colleague Aaron Niedermayer.
In 2013, Normandy, a Morristown, N.J.-based investment firm led by David Welsh and Finn Wentworth, bought the building out of foreclosure for $54.5 million, as TRD reported. The former owners were Brooklyn-based investors Miriam and Michael Chen, who paid $34 million for it in 2006 but defaulted on a loan given to them by lender Cathay Bank.
As part of the renovation, the property will get bigger windows, new elevators, a new roof terrace and an upgraded lobby and office penthouse space, Teti said.