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JLL Arranges LoanCore Debt for 3-Building Deal
JLL has arranged a $95-million loan for the acquisition and repositioning of three Manhattan office buildings by East End Capital and a private family office, and also arranged the partnership of the two firms. The loan was provided by LoanCore Capital.
The partnership is acquiring two office buildings in Midtown’s Penn Plaza/Garment District submarkets — the 74,283-square-foot 580 Eighth Ave. and the 117,518-square-foot 251 W. 39th St. (pictured)— and the 35,075-square-foot 36 E. 20th St. in Midtown South.
The partners plan to aggressively reposition and re-tenant all three properties, with East End Capital overseeing the entire capital improvement effort and management of the office buildings. East End will also serve as leasing agent for the properties.
JLL’s Aaron Appel led a team that included Jonathan Schwartz, Mark Fisher, Matt Collins and Patrick Cotter. The property owner was represented by Doug Heitner, Sara Ho and Isaac Stern at Kasowitz Benson Torres LLP.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Sale/Acquisition
