Acquisitions
Jeff Sutton lands Refi for 747 Madison Avenue
Published on
Jeff Sutton’s Wharton Properties has secured a $90 loan from JP Morgan Chase to refinance its retail condo at 747 Madison Avenue. Givenchy and Alexander McQueen currently occupy the two-floor space.
Financing details: The new mortgage replaces previous debt provided by Goldman Sachs in 2014… That loan carried an initial three-year term with two one-year extension options, both of which were exercised, according to TRD.
Dig Deeper: The three-year balloon loan carries an interest of LIBOR plus 1.25 percent. 30-day LIBOR currently sits at 2.38. Sutton personally guaranteed the loan, and as part of the agreement is required to maintain a net worth of at least $2 billion.
