The building is adjacent to 660 Madison Ave., on which Shorenstein holds a similar mezzanine loan purchased last year. The 650 Madison Ave. building was built in 1957 as a 10-story office and retail building and redeveloped in 1987 to include a 17-story tower. It is currently 90% leased and anchored by Polo Ralph Lauren, Columbia Presbyterian, Crate & Barrel and Reservoir Capital.
Commenting on the loan transaction, Douglas Shorenstein, chairman and CEO of Shorenstein Properties says that "we continue to see selective opportunities to underwrite and originate mezzanine financing secured by quality office and mixed-use buildings in major markets and we have an appetite and the capital for more." Shorenstein originated the loan on behalf of its ninth investment fund, Shorenstein Realty Investors Nine LP, a $2-billion private commingled fund formed in the spring of 2007.
The fund's subordinated debt holdings now total $373 million and include part of a construction loan for the development of Moffett Towers, a 900,000-sf office campus now being built in Sunnyvale, CA, and mezzanine loans on the MTV Building in Santa Monica, CA, two office properties in Washington, DC, and four office buildings in New York City, including 650 Madison Ave. and its neighbor, 660 Madison Ave.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
