Eretz lands $185M loan for Midtown office tower

Aareal Capital is the lender

Jul.July 27, 2018 06:31 PM

295 Madison Avenue

Abe Talassazan’s Eretz Group landed a $185 million loan for 295 Madison Avenue in Midtown.

The refinancing from Aareal Capital Corporation replaces a $169 million loan that Bank of China provided in 2015, property records show. The loan package also includes an $18 million gap mortgage.

The property, which sits at the corner of Madison Avenue and East 41st Street, is a 301,000-square-foot tower that stands 45 stories tall. Tenants in the building include headhunting firm Daversa Partners, co-working firm Helix Workspace and hedge fund ADI Capital.

Eretz is best known for its $213.8 million acquisition of the Argonaut Building in 2015. The firm acquired the Madison Avenue building for $212.7 million in 2013. It was part of a six-building portfolio that the previous owners, the Moinian Group and Westbrook Partners, put up for sale earlier that year.

This is the second time that Aareal has provided financing to Eretz over the past few months. In May, Aareal originated a $50.4 million mortgage for Eretz’s $70.3 million acquisition of Midtown office building 9 East 40th Street.

Eretz did not immediately respond to requests for comment.


Related Articles

(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

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

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

RedSky Capital’s Benjamin Bernstein and 1 Java Street in Greenpoint (Credit: ICSC and Google Maps)

RedSky puts Greenpoint dev site on market asking $165M

56 Leonard Street and 146 West 57th Street (Credit: Fruitpunchline via Wikipedia; Google Maps)

For second week, Manhattan records just two luxury contracts

Airbnb CEO Brian Chesky (Chesky by Bryan Bedder/Getty Images for Airbnb)

Airbnb raises $1B from private equity firms

Absent federal assistance, landlords and real estate developers are at the mercy of their lenders. (Credit: iStock)

Landlords locked out of $350B Paycheck Protection Program

46 Cook Street in Brooklyn (Credit: Google Maps)

Williamsburg biz takes 53% more space to meet demand