New Leases and Renovations Lead to $73M Refi

ATCO Properties & Management borrowed $72.75 million from MetLife Investment Management to refinance 240-246 W. 35th St., an office property in Manhattan’s Garment District.

“In just one year, we have meaningfully increased the value and appeal of the building and better positioned it for future growth,” said Neil Adamson for ATCO, which bought the property in 2016 and has completed renovations including a new lobby, elevators and common area.

ATCO executed 47,000 square feet of new leases and renewals in the building during 2017, and has sold a 49% interest in the property to its joint venture partners Migdal Group.

Jordan Roeschlaub and Dustin Stolly of NKF arranged the new five-year, fixed-rate loan.

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