Sprechen sie business? German lender gives Eastgate $250M to refinance 99 Park Avenue

Landesbank Baden-Württemberg provided the financing to the Ofer family

TRD New York /
Jun.June 21, 2017 09:00 AM

Eyal Ofer and 99 Park Avenue

UPDATED: June 23, 1:30 p.m.: The Ofer family’s Eastgate Realty TRData LogoTINY — which was recently renamed Global Holdings Management Group — bagged a $250 million loan to refinance its 25-story office building at 99 Park Avenue in Murray Hill.

German lender Landesbank Baden-Württemberg provided the loan, which closed June 14. The financing replaces a $155 million mortgage (now paid down to $148 million) from HSBC in 2012 and combined that with a new loan for $102 million, the Commercial Observer reported.

The building, known as the National Distillers Building, is located between 39th and 40th streets and spans 530,900 square feet. Tenants include AARP, which signed a 10-year lease for 16,000 square feet in October 2015, and risk-management software company Numerix, which leased 32,000 square feet in 2014.

Global Holdings is a financial backer of Zeckendorf Development’s 15 Central Park West and the Rudin family’s Greenwich Lane development. In addition to 99 Park, Eastgate operates 120 Park, 875 Third Avenue and 410 Park. In 2014, it paid $100 million to take control of 875 Third Avenue. [CO] E.B. Solomont

(To view Global Holdings’ financing transactions, click here)


Related Articles

arrow_forward_ios

Real estate stocks push up this week as U.S.-China trade tensions ease

416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Joel Schreiber (Credit: Shir Stein and Wikipedia)

WeWork’s first investor used his stock as collateral. Now his lenders are suing him

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

163 North 6th Street and the Tel Aviv Stock Exchange Bull (Credit: Google Maps, Wikipedia)

Joel Gluck’s Israeli bond issuance falls through as Williamsburg rental project faces financing crunch

NYC’s foreign investment landscape in the era of trade wars and heightened nationalism

Larry Silverstein and the Tel Aviv Stock Exchange (Credit: Getty Images)

Institutional investors swarm Silverstein’s new TASE bonds

Real estate firms get (green) thumbs down as they jump into climate bonds

arrow_forward_ios