NEW YORK CITY — Ocean West Capital Partners has arranged the foreclosure of 285 Madison Avenue, a 511,000-square-foot office building in Midtown Manhattan. Ocean West represented the mezzanine lender, which was comprised of a consortium of insurance companies based in South Korea. The property owner was not disclosed, but multiple sources, including The New York Business Journal, report that that entity is RFR. The property’s loan fell into maturity default in late 2022 and was subsequently extended to provide time for recovery, but the debt came back into default in late 2024 when the extension expired. Ocean West was brought in at this time to serve as advisor to the mezzanine lenders and evaluate various debt recovery strategies. DLA Piper LLP provided legal representation to the mezzanine lender(s) throughout the process. Newmark managed the Uniform Commercial Code (UCC) auction marketing process, and Daol Asset Management served as the Korean investment advisor for this transaction.
The office building at 285 Madison Ave. in Midtown Manhattan is located just one block from Grand Central Station and Bryant Park.
Ocean West Capital Arranges Foreclosure of 511,000 SF Office Building in Midtown Manhattan
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