Thor lands $310M financing package to refi Madison Avenue retail condo

Tom Ford inked a deal there last year

New York /
Aug.August 18, 2017 02:05 PM

Joe Sitt’s Thor Equities refinanced its retail condominium at 680 Madison Avenue with a $310 million loan package, according to sources and public records.

The financing includes a $215 million senior loan from JPMorgan Chase, public records show, which replaces a $185 million CMBS loan from Morgan Stanley. A source close to the deal said Thor also landed an additional $95 million loan from an unnamed lender. The new financing has a two-year term, the source said.

Thor and JPMorgan Chase could not immediately be reached for comment.

Thor bought a leasehold for the 35,526-square-foot retail condo at the base of Extell Development’s luxury residential tower for $277 million in 2013 and pays $3.45 million in annual ground rent. Last August, designer Tom Ford inked a 12,300-square-foot lease at the property, which remains 43 percent vacant according to research firm Trepp.

The Morgan Stanley loan was issued in 2014 and was originally set to expire in August 2016, but Thor exercised an option to extend it by a year. Thor owns several properties along the retail corridor, including 545 and 786 Madison Avenue. The firm has been among New York’s most aggressive retail investors in recent years, but a recent slowdown in the leasing market could pose challenges.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
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
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
FSA Capital’s Benjamin Clyburn and 133-09 37th Avenue in Flushing (Google Maps, Breaking Ground, Getty)
Brian Pun’s FSA Capital plans 173K sf project in Flushing
Brian Pun’s FSA Capital plans 173K sf project in Flushing
Brookfield Properties’ Brian Kingston with Two Manhattan West (Brookfield Properties, Getty)
Hedge fund finds 283K sf at Two Manhattan West
Hedge fund finds 283K sf at Two Manhattan West
Savills' Nick Farmakis with 655 and 767 Third Avenue (Loopnet, Getty, Savills)
Third Avenue: The land of “leave-behind”
Third Avenue: The land of “leave-behind”
(Getty)
Zoning, infrastructure limits are squeezing US land supply
Zoning, infrastructure limits are squeezing US land supply
From left: Kerber’s Farm's Nick Voulgaris and Jamestown Properties' Michael Phillips along with 801-803 Greenwich Street (Getty Images, Jamestown Properties, LoopNet)
Long Island farmer turns his pitchfork on Jamestown
Long Island farmer turns his pitchfork on Jamestown
An illustration of the Night King from Game of Thrones (Getty, Night King courtesy of HBO via WarnerMedia)
Winter is coming: Landlords face brutal heating season
Winter is coming: Landlords face brutal heating season
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...