The Real Deal New York

EPIC lands $150M loan for Candler Tower

Loan for 42nd Street building comes from M&T Bank
By Eddie Small | November 30, 2017 11:25AM

220 West 42nd Street and Steven Elghanayan (Credit: Getty Images)

Steven Elghanayan’s EPIC Real Estate has obtained a $150 million loan to refinance Manhattan’s historic Candler Tower.

M&T Bank provided the loan for the building, according to property records.

Elghanayan purchased the Candler Tower from the investment and management firm Paramount Group in 2012 for an undisclosed price, although prior reports indicated that the sale was expected to bring in more than $200 million. The previous mortgage on the building in 2012 was also for $150 million and came from German lender Landesbank Baden-Württemberg.

Elghanayan and M&T Bank did not immediately respond to requests for comment.

The 24-story, 228,000-square-foot Candler Building is an office tower built in the early 20th century for Coca-Cola founder Asa Candler. It is located at 220 West 42nd Street and was once Midtown’s tallest building.

Earlier this year, EPIC landed a $65 million loan to refinance four properties in Lower Manhattan and a $78.2 million loan to refinance its office building at 148 Lafayette Street.