APF lands $60M CMBS loan at 286 Madison

Office landlord paid $44M for 23-story building in 2006

TRD New York /
Aug.August 12, 2016 10:43 AM

Kenneth Aschendorf and Berndt Perl’s APF Properties snagged a $60 million CMBS loan from Jefferies LoanCore to refinance 286 Madison Avenue in Midtown.

APF purchased the 23-story building, between East 40th and 41st streets, for $44 million in 2006 from SL Green Realty TRData LogoTINY. At the time, the landlord received a $32.7 million acquisition loan from Deutsche Bank.

The 10-year loan from Jefferies has a fixed rate of 3.8 percent, and was arranged by Meridian Capital Group’s Tal Bar-Or, Raj Khatiwala and Kyle Kite, the Commercial Observer reported.

APF recently renovated the 131,358-square-foot building, including upgrades to the lobby, elevators, hallways and windows. Tenants at 286 Madison include Pivotal Research Group, Eureka Capital Partners and Josephson Luxenberg & Kanc.

The landlord also owns 24 West 57th Street, known as the Gallery Building, where it signed on Mosafer, a high-end Qatari luggage maker last year. APF also paid $188 million to Prudential Real Estate for 80 percent of 28 West 44th Street in Midtown last year. [CO]E.B. Solomont

Related Articles

Fisher Brothers' Winston Fisher and 55 East 52nd Street (Credit: Getty Images)

Airbnb investor takes more pricey office space on Park Avenue

Manhattan office leasing activity up 12% in Q2

Rockpoint pays $465M for 1700 Broadway

Fifth Avenue is the 2nd priciest US office market: report

APF has big plans for its new Hudson Square office building

These are the world’s 10 most expensive office markets

Midtown is not even close to being the world’s most expensive office market

509 Madison Avenue in play