REBusinessOnline

MANHATTAN OFFICE TOWER RECAPITALIZED WITH $58 MILLION LOAN

NEW YORK CITY — A joint venture between Savanna and Monday Properties has procured a $58 million loan to recapitalize a Manhattan office tower. The 20-story building is located at 386 Park Avenue South. The loan, which was provided by PCCP LLC, will be used to complete a broad capital improvements program, which will begin in the early part of the year. Adam Spies of Eastdil Secured represented the owner in the financing. In addition, Chase Bank has renewed its lease for the building's 12,000-square-foot retail space for an additional 11 years. David Green and Steven Soutendijk of Cushman & Wakefield represented the tenant in lease negotiations. Jordan Berger of Monday Properties provided in-house representation for the owners.

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