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Cushman & Wakefield Closes Artful Deal

NEW YORK CITY-The broker consulted on a sale and recap of an art storage facility that has closed in Midtown.

By Rayna Katz | Updated on June 18, 2013

NEW YORK CITY-Cushman & Wakefield announced Monday that it served as the exclusive advisor to an affiliate of Madison Capital Management in arranging the sale and recapitalization of Cirkers Fine Art Storage and Logistics, at 444 West 55th St. in Midtown. The transaction involved securing $39 million of debt financing, as well as private equity on behalf of the new ownership. The ten-year senior and mezzanine financing was provided by Redwood Trust.

A Cushman & Wakefield equity, debt and structured finance team of Steve Kohn, president; Dave Karson, executive managing director; Chris Moyer, director; Sridhar Vankayala, associate; and Tara Hovey, analyst, served as exclusive advisor to Madison Capital Management.

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