Axonic Capital, an alternative investment management firm specializing in structured credit and commercial and residential real estate debt and equity, announced the closing of a fully funded $72 million senior loan to refinance the leasehold interest in 430 Park Avenue.
The floating-rate loan refinances the existing senior debt and will also fund future tenant rollover and repositioning costs, including a comprehensive lobby renovation. The loan was funded through Axonic’s affiliated insurance business.
430 Park Avenue is a 19-story, 295,900-square-foot class A office property spanning the full block front between 55th and 56th Streets in Midtown Manhattan. The asset is 99 percent leased to a diverse tenant roster spanning financial services, real estate and law firms.
The property is owned by a joint venture between Oestreicher Properties, Midwood Investment & Development and Marx Realty. The joint venture has owned the property since its construction in
