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Capital One Syndicates $120MM Loan for New York Office Condominium

April 02, 2019, 08:40 AM
Filed Under: Real Estate
Related: Capital One

Capital One announced that it served as administrative agent for a $120 million loan to the Durst Organization to provide permanent financing for a Class A office condominium at 855 Avenue of the Americas in New York. The five-floor, 150,000-square-foot condominium is leased to Nike USA. Capital One will hold $50 million of the loan and has syndicated the remainder.
“This transaction highlights our appetite for low-leveraged core office asset financings,” said Jonathan Smith, a Vice President with Capital One’s Commercial Real Estate Group who closed the 10-year loan. “In this case, the fact that we have an exceptional sponsor for a property in the growing Penn Plaza submarket makes it even more attractive.”
The Durst Organization is one of the oldest family-run real estate companies in New York City and currently owns and manages more than 13 million square feet of Class A office and retail space in New York City and almost 3 million square feet of luxury rentals. Capital One was a party to the original construction financing when Durst developed the building in 2014.
“Capital One was responsive to our needs and offered highly competitive pricing,” said Ira Marx, Chief Financial Officer of the Durst Organization. “We welcomed the opportunity to extend our business relationship with Capital One.”

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