New York & Tri-State + Midtown New York + Office | April 10, 2020

Plaza District Offices Land $14M Financing

ABS Altman Warwick closed on $13.5 million in financing for an office building located at 425-427 Madison Ave. in Midtown’s Plaza District. The firm’s Brian Warwick structured and placed the loans with Apple Bank at a rate of 3.35% on behalf of owners Silk & Halpern.

The loan structure offered an A note (10-year interest-only loan of $11 million) and a B note ($2.5-million, 10-year revolving line of credit) for any and all future capital expenditures that the owner deems necessary.

“Our close relationship with Apple Bank and excellent track record, combined with the pristine condition of the asset and favorable outlook for well-located, well-maintained office buildings, gave the lender peace of mind,” said Warwick.

Built in 1927, the 108,000-square-foot 425-427 Madison is located on the southeast corner of Madison Avenue and 49th Street, and is currently 89% occupied.

Photo courtesy of Looking4space.com.

Get CRE News in 150 words

For comments, questions or concerns, please contact Paul Bubny

Connect

Inside The Story

Connect With ABS Altman Warwick’s Warwick

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

Order Reprints