LoanCore Capital has provided a $60 million financing to APF Properties on a 131,358 sq ft mixed-use building near Grand Central Station in Midtown, Manhattan.
The borrower purchased the property from SL Green Realty Corporation in July 2006 for $44 million, city records show, when Deutsche Bank had provided a $32.7 million acquisition loan.
The 23-story office and retail building at 286 Madison Avenue is located at 40th Street within the Grand Central submarket of Manhattan. Office tenants include Atlantic Monthly, McGovern & Company, and Certified Moving, according to the borrower. Major renovations of the lobby, elevators and other elements were completed in 2008 and the building was originally constructed in 1918.
LoanCore is a $1.5 billion commercial real estate debt investment fund in with significant investments from GIC Real Estate (GIC RE), the real estate investment arm of Government of Singapore Investment Corporation.
The fund focuses exclusively on the acquisition of existing commercial real estate debt. An affiliate of LoanCore also provided a $55 million loan on troubled condominium conversion in Manhattan’s Financial District earlier this year.
APF Properties is a fully integrated real estate investment firm with a commercial portfolio valued at approximately $900 million. The firm has its headquarters in New York City.
The lender and borrower did not respond to requests for comment.