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Kaufman Organization lands Refi

From left to right: 15 West 27th Street, 19 West 24th Street, and 119 West 24th Street
(Credit: Kaufman Organization)

The Kaufman Organization has secured a $120 million loan from Capital One to refinance four office buildings in the Flatiron District, according to TRD. The properties span a total of 341,000 square feet, and are located at 19 West 24th Street, 13 West 27th Street, 45 West 27th Street, and 119 West 24th Street.

Financing details: The new mortgage takes out a $97.6 million loan provided by United Overseas Bank in 2016. At the time, China Orient Asset Management invested around $60 million in the four properties to become a capital partner with Kaufman.

Flashback: Kaufman inked a 99-year ground lease on the properties owned by Extell in 2014. The buildings were part of the famed Ring Portfolio that Gary Barnett maneuvered to acquire. Kafuman subsequently renovated the buildings, which are now 100 percent leased.

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