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Global commercial real estate advisory firm Newmark has arranged a $110 million floating-rate loan for the refinancing of 287 Park Avenue South on behalf of CheerLand Investment Group.
The Newmark team was led by Vice Chairmen and Co-Heads of Debt & Structured Finance Jordan Roeschlaub and Dustin Stolly, along with Nick Scribani and Chris Kramer. The loan was provided by Bank of China.
Located the Midtown South submarket of Manhattan, the nine-story property, formerly known as the United Charities Building, represents 118,034-rentable-square-feet at a highly visible, world-class location on the northeast corner of Park Avenue South and 22nd Street, with close proximity to both Madison Square Park and Union Square Park. The iconic, Renaissance Revival-style building carries with it a 125-year history and was declared a national historic landmark in 1991.
“Sponsorship recently invested significant capital redeveloping the property into a premier, Class A office and retail building, merging a restoration of its historic design with modernized building systems and top-tier amenities, which reestablished the property as a unique and highly desirable product in a prime location,” said Stolly.
“With a newly-signed, 15-year lease for the entirety of the office space with Spaces By Regus, 287 Park Avenue South demonstrates the viability of obtaining financing with primarily coworking tenancy, even in the midst of prevailing sentiment surrounding the industry as a whole,” added Roeschlaub.
CheerLand Investment Group (“CLIG”), headed by Chairman Song Jinliang, has been one of the most prolific developers of large-scale urban real estate in China’s largest metropolitan areas of Shanghai and Beijing. Mr. Song has more than 30 years of experience in real estate development, construction management, and steel manufacturing in mainland China and has expanded to primary markets in the United States through a strategic acquisition strategy. CLIG is currently in partnership on several large-scale New York City development projects including the Post Portfolio, 555 West End Avenue, and The Kent. Additionally, CLIG manages assets and/or property for over one million square feet of real estate in California, New York and North Dakota.
About Newmark
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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