Kaufman Org lands $120M refinancing for Madison Square portfolio

Capital One lends on 4 former Ring Portfolio buildings

TRD New York /
May.May 13, 2019 02:15 PM
Michael Kazmierski and 19 West 24th Street (Credit Kaufman Organization and Google Maps)

Michael Kazmierski and 19 West 24th Street (Credit Kaufman Organization and Google Maps)

The Kaufman Organization refinanced a portfolio of four office buildings in the Flatiron District and NoMad with a $120 million loan from Capital One.

The loan comes with a three-year term on the Madison Square Portfolio — formerly part of the Ring Portfolio — representatives for Kaufman told The Real Deal.

Michael Kazmierski, director of acquisitions for Kaufman New Ventures, said the portfolio is now “100 percent leased.”

The new debt takes out a $97.6 million loan that Singapore lender United Overseas Bank provided Kaufman in 2016. At that time Kaufman brought in a new capital partner in Chinese state-owned China Orient Asset Management Corp., which invested about $60 million in the four properties.

Kaufman acquired the 99-year ground leases from Extell Development in 2014 on the properties at 19 West 24th, 13 West 27th, 45 West 27th and 119 West 24th streets in 2014. The buildings, which total 341,000 square feet, were part of the 13-building portfolio that Extell’s Gary Barnett acquired from Frank Ring.

Kafuman has since renovated the buildings and leased them up to startups and other tenants typically drawn to Midtown South.

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