Meadow Partners scores $259M CMBS loan at 80-90 Maiden Lane
JPMorgan financing retires close to $250M in existing debt on office property
A new loan is not Meadow Partners’ maiden voyage refinancing a Financial District office property, but the developer is likely still thrilled with its new debt.
Meadow Partners landed a $258.9 million CMBS loan from JPMorgan Chase at 80-90 Maiden Lane, the Commercial Observer reported. The financing retires a debt of about $250 million from Invesco Real Estate that came from a refinancing in 2018.
The 612,000-square-foot office property consists of two adjacent buildings of drastically different heights. The building at 80 Maiden Lane is 25 stories high, while the slightly older building at 90 Maiden Lane is only four stories.
Several improvements have been made to the property since 2012, including work to the lobby, facade, retail space, common area and elevators, according to the Observer. The work is expected to continue with the refinancing and an amenity center and bike room may also be in the works soon.
The financing arrangement was led by Newmark’s Dustin Stolly and Jordan Roeschlaub, the Observer reported.
The Maiden Lane office property has seen a number of ownership changes in recent years.
Read Property Group and the Chetrit Group were sole owners of the property until 2014, when Normandy Real Estate and Kushner Companies teamed up for a 50 percent stake. In 2017, Normandy paid $54 million to increase its stake in the buildings.
Normandy was acquired by Columbia Property Trust in 2020, which remains a partner in the property. AM Property Holding Corporation is also involved in the ownership of the property.
Meadow Partners is having a rather busy holiday season to close out 2021. Columbia Property Trust, which is soon to be sold to PIMCO, sold a Chelsea office building at 218 West 18th Street to Meadow Partners for about $170 million, The Real Deal reported earlier this month.
SL Green announced in the same week the sale of its Midtown office condominium at 110 East 42nd Street to Meadow Partners for slightly more than $117 million.
[CO] — Holden Walter-Warner