Meadow Partners secures $ 259 million CMBS loan at 80-90 Maiden Lane
A new loan isn’t Meadow Partners’ maiden trip to refinance a Financial District office building, but the developer is likely still thrilled with their new debt.
Meadow Partners has secured a $ 258.9 million CMBS loan from JPMorgan Chase at 80-90 Maiden Lane, the Commercial Observer reported. The financing repays approximately $ 250 million of Invesco Real Estate‘s debt that came from a refinancing in 2018.
The 612,000 square foot office building consists of two adjacent buildings of dramatically different heights. The 80 Maiden Lane building has 25 floors, while the slightly older building at 90 Maiden Lane has only four floors.
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. Work should continue with the refinancing and an amenity center and bicycle storage could also be under construction soon.
The funding deal was led by Dustin Stolly and Jordan Roeschlaub of Newmark, the Observer reported.
The Maiden Lane office building has undergone a number of ownership changes in recent years.
Read Property Group and the Chetrit Group were the sole owners of the property until 2014, when Normandy Real Estate and Kushner Companies joined together for a 50% stake. In 2017, Normandy paid $ 54 million to increase its stake in buildings.
La Normandie was acquired by Columbia Property Trust in 2020, which remains a partner of the property. AM Property Holding Corporation is also involved in the ownership of the property.
Meadow Partners has a rather busy holiday season to close 2021. Columbia Property Trust, soon to be sold to PIMCO, has sold a Chelsea office building at 218 West 18th Street to Meadow Partners for around $ 170 million, The real deal reported earlier this month.
SL Green announced the same week the sale of its Midtown office condominium at 110 East 42nd Street to Meadow Partners for just over $ 117 million.
[CO] – Holden Walter Warner