BridgeCity closes $83.5M loan for Midtown East office conversion
BXP closed a 10.6% stake sale in 343 Madison Avenue at a $2 billion valuation; Aviator House opened as Washington, D.C.'s first completed Housing in Downtown conversion.
At a glance
BXP closed the sale of a 10.6% stake in 343 Madison Avenue to AVRS Partners at a $2 billion valuation for the 46-story Midtown office project.
Walker & Dunlop arranged a $216 million bridge refinancing for 568 Broadway with ACORE Capital.
BridgeCity's $83.5 million loan for CSC Real Estate's 136-unit office-to-residential conversion at 136 East 57th Street closed on Oct. 13. The building sits across from a TF Cornerstone conversion.
BXP closed the sale of a 10.6% stake in 343 Madison Avenue to AVRS Partners at a $2 billion valuation for the 46-story Midtown office project. The minority sale extends a partnership that already includes the General Motors Building.
Aviator House opened as Washington, D.C.'s first completed Housing in Downtown conversion. National Real Estate Development converted the 1972-vintage Air Line Pilots Association headquarters; the project lead said it was about half leased after the pandemic.
Leased office assets
KBS sold The Offices at Riverpark, an 86%-leased Redmond building, to a Palisade and Olive Point joint venture. Newmark advised the seller and arranged acquisition financing.
Walker & Dunlop arranged a $216 million bridge refinancing for 568 Broadway with ACORE Capital. The 390,745-square-foot SoHo building has 70,870 square feet of fully leased retail, including Hugo Boss and Equinox.
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