119 W. 24th St., part of the Kaufman Madison Square portfolio/ Image credit: the Kaufman Organization
NEW YORK CITY—The Kaufman Organization received a $120 million refinancing loan for its Madison Square portfolio. The assets comprise four properties in Midtown South's Flatiron and NoMad neighborhoods. The property addresses are 13 W. 27th St., 45 W. 27th St., 19 W. 24th St. and 119 W. 24th St.
Capital One, NA provided the three-year financing, structured as a first mortgage.
The in-house Kaufman New Ventures team comprised Michael Kazmierski, principal and director of acquisitions, and associate Lorenzo Bakewell-Stone. Olshan Frome Wolosky, LLP provided legal representation for the borrower. The lender's attorneys were Morrison & Foerster.
“As the most active office investor in Midtown South over the last half-decade, this refinancing and increased loan reflects our value creation over the last few years in the now 100% leased portfolio,” says Kazmierski. “We remain committed to furthering our investment in the Midtown South market while drawing dynamic office and retail tenants to the area.”
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
