The property was built in 1926 and is currently more than 96% occupied (exclusive of lower level space). The five-story office building was underwritten at a debt service coverage of 1.25%, for a 10-year term, payable on a 30- year amortization schedule. Average rents are in the $18.00 per sf range. The $9 million in loan proceeds represents 65% of value, according to Metropolitan Funding officials.

The building tenants include Gruntal & Co. and General Electric, as well as local attorneys, technology firms and real estate companies. A portion of the refinance deal included the acquisition, demolition, and creation of a parking lot from a site located across the street. Metropolitan Funding noted that it was able to utilize the rental income from the new lease for the parking lot in its underwriting analysis. The $9 million mortgage provided the borrower with significant "cash out" dollars, the mortgage firm reported.