The commercial real estate department of M&T Bank's New York City division closed a $6,850,000 loan for 99 Madison Ave., announced Sam Giarrusso, senior vice president. The permanent loan for the 125,800 SF, loft office building on the northeast corner of Madison Avenue and 29th Street, has a five-year term with a five-year amortization. Jay Byrne, M&T Bank vice president was the loan officer in charge of the transaction.
The 16-story property, of brick masonry, concrete, and steel, was built in the 1930's. Its tenants include a bank on the ground floor and offices above. The Mayflower Agency Co., Inc. owns the property, which is managed by Windsor Management Corp.