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Trio of Midtown South Office Properties Gets Refinanced

NEW YORK CITY— Newmark Holdings has closed a $120-million loan transaction for a three-building, 390,000-square-foot office portfolio. The properties…

By Rayna Katz | raynakatz | | Updated on July 21, 2016
2-10 Astor Place The portfolio, which includes 2-10 Astor Place, is over 93% leased with a roster of prominent tenants.
NEW YORK CITY— Newmark Holdings has closed a $120-million loan transaction for a three-building, 390,000-square-foot office portfolio. The properties include 740 Broadway, 2-20 Astor Place and 440 Lafayette. The lenders were BNY Mellon and TD Bank. “We spoke with various lenders about this refinancing that included other banks, pension funds and insurance companies, but the superior terms that BNY Mellon and TD offered combined with the strong relationship and certainty of execution ultimately made the decision very easy, says co-principal Eric Gural. “We were able to secure a historically low fixed rate of 3.01% for 10 years in a volatile lending environment,” adds Paul Talbot, senior managing director, who represented Newmark Holdings on the loan. The portfolio is over 93% leased with a roster of prominent tenants, including New York University, Walgreens and L2. The new loan replaces the existing financing—held by Mid-First & Amalgamated Bank—that totaled approximately $53 million and was originated on April 2008. This is the third loan Newmark has completed with TD Bank, and the second with BNY Mellon, in the past 12 months.      

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