NEW YORK CITY-ING Real Estate Finance announced Monday that it has closed on $100 million in refinancing for Metropolitan Tower. BlackRock owns the class A building, located at 142 W. 57th St., in a joint venture with L&L Holding Co.
“This loan transaction continues our proven strategy of lending to established borrowers for office assets that have strong cash flow and are located in highly desirable business districts,” ING Real Estate Finance managing director Michael E. Shields says in a release.
According to the L&L Holding Co. website, there are 14,260 square feet of space coming available in the office portion of the tower in July. A spokesman for ING Real Estate Finance confirms to GlobeSt.com that the loan refinancing encompasses the office floors only--the lower 18 stories of the 77-story building. Upper floors are residential.
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