Thursday, August 18, 2011

HFF arranges $315 million refinancing for 340 Madison Avenue in New York


  
NEW YORK, NY – HFF announced today that it has arranged a $315 million refinancing for 340 Madison Avenue (top left photo), an approximately 750,000-square-foot, 22-story, Class A office building in Midtown Manhattan.  The building is jointly owned by RXR Realty, Broadway Partners and USAA Real Estate Company. 

HFF placed the 12-year fixed-rate loan with Cornerstone Real Estate Advisers.  Loan proceeds are paying off an existing loan on the property. 

Originally built in 1928, 340 Madison Avenue was completely redeveloped in 2006 to institutional quality standards. 

Tenants at the 92 percent leased office tower include McDermott Will & Emery, SunGard and The U.S. Government’s Office of the Comptroller of the Currency. 

Street-level retail tenants include Allen-Edmonds, Coach, Starbucks and Verizon.  340 Madison Avenue occupies the entire western block front of Madison Avenue between East 43rd and 44th Streets one block west of Grand Central Terminal.


The HFF team representing the borrower was led by senior managing director Michael Tepedino (lower right photo).

RXR Realty LLC (“RXR”), is a vertically integrated real estate company with expertise in investment management, property management, development, construction, leasing and financing. 

USAA Real Estate Company manages a multi-billion dollar portfolio including recent acquisitions of $3 billion and under development assets of $2 billion. 

Broadway Partners is a private national real estate investment and management firm headquartered in New York City.

Contacts:  
Michael J. Tepedino, HFF Senior Managing Director, (212) 245-2425, mtepedino@hfflp.com                                                                                 
Kristen M. Murhy, HFF Associate Director, Marketing, (713) 852-3500                                        
             

No comments:

Post a Comment