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Park Tower Group secures $160M for 535 Madison refi
Northwestern Mutual Life Insurance is the lender for Midtown office building
Park Tower Group locked down $160 million to refinance its office building on Madison Avenue in Midtown’s Plaza District.
Northwestern Mutual Life Insurance provided the loan, according to records filed with the city Thursday. The financing consolidates a new $30 million mortgage and the $130 million unpaid balance on a $95 million loan issued by the lender in 2007.
The 36-story office building at 535 Madison Avenue spans about 444,300 square feet. China Merchants Bank’s New York branch leases 14,000 square feet in the building. Financial services firm Canaccord Genuity and metal supplier Kobe Steel USA are also tenants.
Park Tower Group, led by George Klein, was founded in the 1980s. The company is joining with L+M Development [TRDataCustom] and Brookfield Property Partners to develop Greenpoint Landing in Greenpoint, a 22-acre waterfront development that will bring around 5,500 new homes to the Brooklyn neighborhood.
A spokesperson for Park Tower Group declined to comment. A representative for Northwestern Mutual Life Insurance could not be immediately reached for comment.