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.