Barclays refinances Gramercy offices with CMBS loan

Barclays Bank has refinanced an office building at 215 Park Avenue South in the Gramercy neighborhood of Manhattan with a $95 million securitized loan that is the largest in the JPMBB 2016-C1 CMBS transaction.

Barclays Bank has refinanced an office building at 215 Park Avenue South in the Gramercy neighborhood of Manhattan with a $95 million securitized loan that is the largest in the JPMBB 2016-C1 CMBS transaction.

The loan refinances $38 million of existing mortgage debt provided by JP Morgan Chase Bank in March of 2006 and adds to it $57 million of new debt. The owner is listed as Dever Properties LLC in city property records.

img4a1c445ba5542-lsthumbJPMBB 2016-C1, launched last month, is a $1.0 billion CMBS conduit transaction collateralized by 50 commercial mortgage loans secured by 110 properties. Barclays, JPMorgan Chase Bank (National Association), Starwood Mortgage Funding II and Redwood Commercial Mortgage Corporation contributed loans to the deal.

The 215 Park Avenue South loan, secured by the 20-story, 324,400 sq ft Class-B office building, represents 9.3 percent of the loan pool in the CMBS. (The underlying properties are located in 31 states, but New York properties account for 25.3 percent).

The building sits at the corner of 18th Street and Park Avenue South, near Union Square. Tenants include design firm Perkins + Will, Criterion Collection, Global Strategy Group and CVS Pharmacy occupies its ground floor retail space.

SL Green, one of if not the largest owners of property in New York City, manages the building. The REIT held interests in 120 Manhattan buildings totaling 44.1 million sq ft as of 30 June, including interests in 29 million sq ft of commercial buildings plus debt/preferred equity investments secured by 15.1 million sq ft of buildings.

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