M&T Bank provided the acquisition financing
The Vanbarton Group has closed on its acquisition of 305 East 46th Street from Government Properties Income Trust for $118.5 million. The office building spans 187,000 SF and is entirely leased to the United Nations.
Acquisition Financing: Vanbarton secured a $61 million loan from M&T Bank to close the deal. The new loan replaces a $65 million mortgage from Anglo Irish Bank, according to CO.
Worth Noting: The very pertinent lease terms… In the third quarter of this year, the UN can exercise a five-year option.