APF lands $60M CMBS loan at 286 Madison

Office landlord paid $44M for 23-story building in 2006

From left: Kenneth Aschendorf, Berndt Perl and 286 Madison
From left: Kenneth Aschendorf, Berndt Perl and 286 Madison

Kenneth Aschendorf and Berndt Perl’s APF Properties snagged a $60 million CMBS loan from Jefferies LoanCore to refinance 286 Madison Avenue in Midtown.

APF purchased the 23-story building, between East 40th and 41st streets, for $44 million in 2006 from SL Green Realty [TRDataCustom]. At the time, the landlord received a $32.7 million acquisition loan from Deutsche Bank.

The 10-year loan from Jefferies has a fixed rate of 3.8 percent, and was arranged by Meridian Capital Group’s Tal Bar-Or, Raj Khatiwala and Kyle Kite, the Commercial Observer reported.

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APF recently renovated the 131,358-square-foot building, including upgrades to the lobby, elevators, hallways and windows. Tenants at 286 Madison include Pivotal Research Group, Eureka Capital Partners and Josephson Luxenberg & Kanc.

The landlord also owns 24 West 57th Street, known as the Gallery Building, where it signed on Mosafer, a high-end Qatari luggage maker last year. APF also paid $188 million to Prudential Real Estate for 80 percent of 28 West 44th Street in Midtown last year. [CO]E.B. Solomont