A loan for a 40-storey building was provided by Wells Fargo, representative Sage Realty Corporation, confirmed the leasing company William Kaufman. The loan repays the debt in the amount of USD 145 million. Bank of America– confirmed the source.
In 2017 Bank of America gave the building a new Mortgage for $ 40.5 million, consolidated with existing debt of US $ 105 million held by Apple Bank, The real deal reported at the time.
The new loan exceeds the existing property debt, although a Sage Realty spokesman did not comment on how the additional funds will be used. It is unclear whether the loan will subsequently be securitized in a commercial mortgage-backed securities (CMBS) deal.
Wells Fargo did not immediately respond to a request for comment.
An investment company is located in a building located between East 49th and 50th Streets. Cambridge associates, reinsurer Munich American Insurance Company, Citizens Bank, and non-profit Carnegie Corporation of New York… Cambridge associates doubled my trail owned last year, according to the Commercial Observer.
Grant Frankel, Gary Phillips as well as Ethan Pond of Eastdeal provided acted as an intermediary in the transaction on behalf of the owners. Eastdeal declined to comment on the deal.