JP Morgan Chase Bank has provided $105m in first mortgage loans to refinance and take out the previous securitized debt on two Manhattan office properties.
A $68m loan to New York-based ABS Partners takes out a previous CMBS loan, part of JPMCC 2005-CIBC13, that refinanced 270 Madison Avenue in September 2005.
A $37m loan to Newmark and Co. and backing 80 Eighth Avenue takes out another CMBS loan, part of Wachovia 2007-C33), which refinanced the property in July 2007.
Borrowers of CMBS loans made during that period are rushing to refinance a “wave of maturities” at lower interest rates before rates start to rise again.
The 256,543 sq ft office property at 270 Madison Avenue, on the northwest corner at East 39th Street, is about two blocks from the Grand Central Terminal and hosts tenants including law firms Belkin Burden Wenig & Goldman and Wolf Haldenstein Adler Freeman & Herz. The 19-story property was built in 1923 was renovated in 2004, the same year that ABS acquired the property for $65m from Murray Hill Properties.
The 20-story, 161,276 sq ft property at 80 Eighth Avenue in the Chelsea neighborhood was built in 1927 and renovated in 2007. Tenants include HSBC Bank and the Office and Professional Employees International Union office.
Earlier this month, JP Morgan Chase Bank led a $242.65m financing to a consortium of New York City hospitals for development of The New York Proton Center — the first proton beam therapy facility in New York State.