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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
Words:113
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