The William Kaufman Organizationand The
Travelers Companieshave closed a $185 million refinance for 437 Madison Avenue , according to a source familiar with the deal.
The loan for the 40-story building was provided by
Wells Fargo , a representative of
Sage Realty Corporation , the leasing arm of William Kaufman, confirmed. The loan retires $145 million in debt from
Bank of America , the source confirmed.SEE ALSO: MetLife Lends $65M to American Landmark for Texas Apartment Purchases
Bank of America gave the building a new $40.5 million mortgage, consolidated with $105 million in existing debt that was held by
Apple Bank , The Real Deal reported at the time.
The new loan exceeds the existing debt on the property, though the representative for Sage Realty did not comment on what the additional funds would be used for. It’s unclear if the loan will later be securitized in a commercial mortgage-backed securities (CMBS) deal.
Wells Fargo did not immediately respond to a request for comment.
The building, located between East 49th and East 50th streets, is home to investment firm
Cambridge Associates , reinsurer
Munich American Reassurance Company ,
Citizens Bank , and the nonprofit
Carnegie Corporation of New York . Cambridge Associates doubled its footprint at the property last year, Commercial Observer reported.
Grant Frankel ,
Gary Phillips and
Ethan Pond of
Eastdil Secured brokered the deal on behalf of the owners. Eastdil declined to comment on the deal.
Source : https://commercialobserver.com/2021/06/william-kaufman-travelers-companies-seal-185m-loan-for-437-madison-avenue/383