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Marx Scores $140M Refi for 10 Grand Central
Marx Realty secured a $140-million loan to refinance its 10 Grand Central office tower at 155 E. 44th St. MetLife originated the loan, and a Cushman & Wakefield team of Steve Kohn, Adam Doneger, Mark Ehlinger, and Noble Carpenter III oversaw the assignment.
The 35-story Ely Jacque Kahn-designed building recently underwent a $48-million repositioning, which included a relocated entry portal and redesigned lobby as well as a 7,500-square-foot amenity space. Occupancy at the property has increased from 78% to 91% since the repositioning was announced.
“Thanks to the Cushman & Wakefield team’s execution and the repositioning team’s tremendous success in seamlessly incorporating hospitality into the office product, we were able to have a host of lenders to choose from for this long-term loan,” said Craig Deitelzweig, president and CEO of Marx Realty. “We look forward to working with them again as we continue to add value throughout our portfolio.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
