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New York

Vanbarton lands $168M refi for Penn Plaza office building

Morgan Stanley provided $28M in new financing

Vanbarton's Richard Coles and 132 West 31st Street
Vanbarton's Richard Coles and 132 West 31st Street

Vanbarton Group landed a $168.4 million loan from Morgan Stanley for its office building at 132 West 31st Street in Midtown.

The 18-story building, also known as 31 Penn Plaza, spans 444,000-square feet and is located between Fifth and Sixth Avenues.

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The loan package consists of the unpaid balance from a 2014 loan, also from Morgan Stanley. That portion of the mortgage amounts to $140.5 million. Morgan Stanley also provided $27.9 million in new financing.

Tenants in the building include research firm NPD Group and data-based lending platform Credit Junction.

In 2015, Vanbarton bought the ground lease from Savanna in a deal valued at $265 million. The company recently closed its acquisition of 990 Sixth Avenue for $316 million.

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Commercial Real EstateMorgan StanleyReal Estate FinanceVanbarton Group