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| Shorenstein originates loan on Manhattan office building Shorenstein Properties LLC, a sponsor of private real estate investment funds and owner, developer and operator of office properties throughout the United States, has provided a $125 million junior mezzanine loan to finance a portion of the purchase of 650 Madison Avenue, a 601,604 square foot trophy Class A office and retail building located in the Plaza District of Manhattan. The loan is part of a larger financing package made to the buyers of the property, a joint venture between The Carlyle Group and Ashkenazy Acquisition Corp. The building is adjacent to 660 Madison Avenue, on which Shorenstein holds a similar mezzanine loan purchased last year. The 650 Madison Avenue building was built in 1957 as a 10-story office and retail building and redeveloped in 1987 to include a 17-story tower. It is currently 90% leased and anchored by Polo Ralph Lauren, Columbia Presbyterian, Crate & Barrel and Reservoir Capital. write your comments about the article :: © 2008 Construction News :: home page |