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Orda Management has secured a sizable new loan to refinance its property at 225-233 Park Ave. South.
The 675K SF office development's most recent loan was for $217M from the New York State Teachers' Retirement System, but that has now been replaced by $430M in debt financing from Barclays. Newmark Grubb Knight Frank Capital brokered the deal, which is a 10-year, fixed-rate, interest-only loan.
After the Port Authority of New York and New Jersey left the building to return to the World Trade Center in 2015, Orda undertook a $135M capital improvement project to thoroughly modernize the two contiguous buildings, which now have multiple lobbies and open green spaces with a modern industrial look. The new loan allows Orda to regain equity it spent on the improvements.
The Class-A 225-233 Park Ave. South is nearly 100% occupied, and boasts some of the highest office rents in the immediate area.
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