Investcorp lands Refi at 256 West 38th Street

Investcorp International Realty and Brickman have secured a $112 million loan from the Canadian Imperial Bank of Commerce (CIBC) to refinance two Midtown office properties at 256 West 38th Street and 229 West 36th Street, CO reported.

• Financing details: The new loan replaces $106 million in previous acquisition debt from MetLife. It also includes a $6.2 million project loan, a $10.8 million building loan, and a $3 million gap mortgage.

• Flashback: The owners paid New York REIT $63.3 million for 256 West 38th Street (116,159 SF) and $93.5 million for 229 West 36th Street (151,204 SF) in 2017.