The Hakimian Organization refinanced its Hell’s Kitchen office building at 636 11th Avenue with a $240 million mortgage from JPMorgan Chase and Citi Real Estate Funding, property records show.
The lenders are assuming an existing mortgage from MUFG Union Bank, which had an outstanding balance of $192.46 million, and are issuing a $47.54 million gap mortgage as part of the deal. Meridian Capital Group brokered the loan.
The 11-story, 660,000-square-foot office building, a former candy factory, is home to advertising firm Ogilvy & Mather. The company moved in in 2009 under a 20-year lease valued at more than $600 million, according to court records.
Hakimian did not immediately respond to request for comment. JPMorgan and Citi declined to comment.