An affiliate of Prudential Mortgage Capital Company (PMCC) has provided a $100 million financing to Skyline Developers on its 24-story office building at 1040 Avenue of the Americas in Midtown, Manhattan.
The financing in part pays off debt from a mortgage Bank of America provided in January 2013, city records show. Skyline Developers purchased the property for $170 million in November 2007.
The 300,000 sq ft Art-Deco building is located between West 39th and West 40th Street. Skyline Developers is the New York division of Garden Homes Development, a private real estate company based in New Jersey that owns and manages more than 25,000,000 sq ft of office buildings, retail centers, and hotels.
The office submarket housing the 1040 Avenue of the Americas property consists of 164 buildings and 31,100,000 sq ft of space. The “Time Square South” submarket had a vacancy rate of 9.4 percent and an average asking rent of $62.97 (per sq ft/year) at the end of Q2 2016, according to Cushman & Wakefield.
As Real Estate Capital reported this February, PMCC had set aside a total of $15 billion for its loan originations in 2016, aiming to top the $14.6 billion the company originated in 2015. By the end of last month, the company had $51.4 billion in commercial mortgage loans under management, according to its latest quarterly report.
The lender declined to comment.