Ocean West Capital Partners has led the successful UCC foreclosure of 285 Madison Avenue, a 511,000-square-foot office property primely located in Midtown Manhattan near Grand Central Terminal. Ocean West represented the mezzanine lender, which comprised a consortium of some of the largest insurance companies in South Korea.
While the property remains well leased and in one of the top-performing submarkets in the United States, Midtown Manhattan, the loan fell into maturity default in late 2022. Originally the loan was extended to provide time for recovery, but it came back into default in late 2024 when the extension expired. Ocean West was brought in at this time to serve as adviser to the Korea-based mezzanine lender and evaluate various debt recovery strategies.
With Manhattan office leasing trends improving dramatically and increased investment activity in the market, the mezzanine lender concluded that its strongest course of action was to exercise its foreclosur
