Vanbarton lands $61M loan for Albano Building buy

M&T Bank is the lender on the UN-leased property

305 East 46th Street and Richard Coles
305 East 46th Street and Richard Coles

The Vanbarton Group landed a $61 million loan from M&T Bank to fund the acquisition of the Albano Building at 305 East 46th Street.

Vanbarton signed a contract to buy the 16-story, 187,000-square-foot office building in April, as The Real Deal first reported.  The closed purchase was $118.5 million and the new loan replaces a $65 million mortgage from Anglo Irish Bank, property records show.

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The building is currently leased by the United Nations, which has been mulling whether to exercise a five-year lease renewal option.

Vanbarton and M&T couldn’t immediately be reached for comment.

M&T recently issued a $49.5 million construction loan for Red Apple Group’s development at 670 Pacific Street in Brooklyn, and is also financing part of the Essex Crossing project on the Lower East Side.