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200 Madison Avenue secures $386M refinancing loan
New York Life provided a floating-rate loan with a three-year term and two 12-month extension options for the 750,000-square-foot Midtown East office tower.
A joint venture between George Comfort & Sons, Loeb Partners Realty and Jamestown has secured a $386 million loan to refinance the Midtown East office tower at 200 Madison Avenue, according to Commercial Observer.
The refinancing was provided by New York Life as a floating-rate loan, with a three-year initial term and two additional 12-month extension options for the 750,000-square-foot building near Grand Central Terminal.
Commercial Observer said the deal closed after Havas Health signed a 15-year lease extension and expansion at the property in August, increasing its space from 189,461 square feet to 254,118 square feet.
The story also notes the 1926-built building is undergoing renovations, including a lobby update and plans to add 11,000 square feet of amenity space on the 10th floor, with executive conference rooms, a game area, a lounge and event space. The outlet reported that George Comfort & Sons executives described the refinancing as reflecting lender confidence in the asset, while New York Life, Loeb Partners Realty and Jamestown did not immediately respond to requests for comment.