Sapir Closes on $326M Financing for 260 and 261 Madison Ave.
The Sapir Organization has closed on a financing package totaling approximately $326 million for 260 and 261 Madison Ave. which sit across the street from each other between East 38th and East 39th streets. The loan was made at an approximately 65% loan to value.
“This transaction underscores that there is still capital in the market when you have strong financial fundamentals as an organization, a solid location and the right tenant mix,” said Alex Sapir, CEO of The Sapir Organization. “The closing of this new financing culminates in an extremely successful 2022 for the firm.”
The Sapir Organization was represented by Chris M. Smith and Nicola Housie-Kingham of DLA Piper. The deal was led internally by CFO Charles Hillock and Ryan Marcus, VP, Legal & Compliance. CBRE served as the broker for the financing package with a team led by James Millon, Tom Traynor and Lawrence Britvan.
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).
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