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CheerLand’s 287 PAS Secures $110M Loan
NKF arranged a $110-million floating-rate loan through Bank of China to refinance 287 Park Ave. South on behalf of CheerLand Investment Group. The NKF team was led by Jordan Roeschlaub and Dustin Stolly, co-heads of debt and structured finance, along with Nick Scribani and Chris Kramer.
Formerly known as the United Charities Building, 287 PAS represents 118,034 rentable square feet. “Sponsorship recently invested significant capital redeveloping the property into a premier, Class A office and retail building,” said Stolly.
Added Roeschlaub, “With a newly-signed, 15-year lease for the entirety of the office space with Spaces By Regus, 287 Park Ave. South demonstrates the viability of obtaining financing with primarily co-working tenancy, even in the midst of prevailing sentiment surrounding the industry as a whole.”
China-based CheerLand is in partnership on several large-scale New York City development projects, including the Post Portfolio, 555 West End Ave. and The Kent.
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