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Mark Karasick lands $705M CMBS loan to close on 410 Tenth Ave

Rendering of 410 Tenth Ave (Credit: SL Green)

Mark Karasick’s 601W Companies has secured a $705 million CMBS loan to close on its acquisition of 410 Tenth Avenue for $952.5 million. J.P. Morgan provided the seven-year, fixed-rate debt, Commercial Mortgage Alert first reported. The transaction closed late Friday afternoon.

  • Project details: The 20-story office redevelopment spans 636,000 SF, and is expected to be completed in the third quarter of 2021. 
  • Worth Noting: In November, SL Green announced it had agreed to sell the property to 601W. As part of the deal, the buyer took over a $600 million construction loan from Goldman Sachs and Wells Fargo that SL Green had secured in September, CO noted.
  • Excellent tenantsAmazon (335,000 SF) and First Republic Bank (212,000 SF) have already signed on as tenants. The building is being modernized with a new glass-box lobby, industrial-style windows, new elevators, a new roof deck and lounge, and the addition of double-height storefronts on the ground floor.
  • Heard on the Street: SL Green’s Managing Director Brett Herschenfeld: “The sale of 410 Tenth Avenue is yet another indication of the Manhattan office market’s resiliency and continued global demand for high-quality, trophy assets with credit-rated tenants. While the asset was always intended to be held as a long-term investment, the sale will allow the company to achieve extraordinary profits, substantially reduce consolidated indebtedness, and generate additional liquidity for share repurchases.”
  • Brokers: CBRE’s Darcy Stacom brokered the sale, while Meridian Capital Group negotiated the debt. [CO+CMA]

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