APF refinances Gallery Building.
APF Properties has refinanced the office building at 24 West 57th Street with a $60 million loan from Wells Fargo.
Meridian Capital Group arranged the financing for the Plaza District property known as the New York Gallery Building.
The seven-year loan features a low floating rate and full-term interest-only payments. It was negotiated by Meridian senior managing director Tal Bar-Or and vice president Raj Khatiwala.
Located at 24 West 57th Street, the 10-story, 110,000 s/f mixed-use property was built in 1920.
The Art Deco style block-through building connects to 25 West 56th Street. APF Properties acquired the asset in June 2006 for $69 million and invested capital into renovations.
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|Publication:||Real Estate Weekly|
|Date:||Oct 12, 2016|
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