AXA Equitable Life Insurance has provided an $80m refinancing facility to the prominent Vanderbilt family following the restoration of its 501 Madison Avenue tower in New York.
The facility is the last phase of a three-part package of interim, construction and refinancing loans totalling more than $160m for the 30-story office and retail Art Deco building.
AXA’s $80m facility refinances the $60m construction loan it provided last year to the Vanderbilts for the restoration. The debt package was arranged by New York-based real estate finance brokers Singer & Bassuk Organization.
The Plaza District property, located at the northeast corner of 52nd Street, has been owned by descendants of industrialist Cornelius Vanderbilt III, the patriarch of the family, since 1929. The family entered into a long-term ground lease with one of the developers of the building after its construction.
The 84-year leasehold expired in 2013 and the Vanderbilts assumed operation of the tower.
KRW Realty Advisors, which manages the building, launched a restoration and upgrade programme in 2013.
Renovations include a new facade for the lower floor retail space, a new building entrance, as well as lobby, elevators and electrical upgrades and refurbished common areas.
The property is almost 100% leased and includes tenants such as fashion retailers Porsche Design and Carlo Pazolini, jewellers Oscar Heyan, and The World Jewish Congress Foundation.