Historic Manhattan Asset Lands $42M Refi
- Feb 07, 2020
Muss Development has received a $42 million refinancing package for The Agora Building, a historic asset in Manhattan. Nationwide Life Insurance Co. financed the loan, which pays off a $35 million prior debt, according to Yardi Matrix data.
The roughly 70,000-square-foot property spreads across six stories and includes a retail component. Located at 1556 Third Ave. in the Upper East Side neighborhood, The Agora Building isthree blocks from Central Park and within walking distance of retailers and eateries. According to Yardi Matrix, the property was delivered in 1915 and underwent complete renovations in 1989. The tenant roster consists of various medical, dental, mental health and rehabilitation services, including LabCorp, Hercules Medical, Mount Sinai, Huntington Learning Center and Lobel Chemical.
NorthMarq Capital Senior Vice President & Managing Directors Charles Cotsalas and Robert Delitsky arranged the financing. Earlier this month, a different NorthMarq team secured an acquisition loan for a four-story Connecticut office building on behalf of the buyer.