Meadow, Somerset sign $110M refi with Fortress Investment for office building in Murray Hill

Meadow Partners and Somerset Partners through the entity 300 East 42nd Street Owner LLC as borrower signed a refi loan with lender Fortress Investment Group through the entity Fortress Credit Co LLC valued at $110 million for the office building (O6) at 300 East 42nd Street in Murray Hill, Manhattan.
The deal closed on December 7, 2021 and was recorded on December 29, 2021.
The property has 207,887 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $529 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on August 28, 2019, for $122.5 million.
The signatory for Meadow Partners and Somerset Partners was Keith Rubenstein. The signatory for Fortress Investment Group was Daniel N. Bass.
Over the past five years, there have been 19 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 19 renovation/alteration projects (A2) applied for with a total estimated value of $2.7 million.
The purchase of this property is through a joint venture between Meadow Partners and Somerset Partners.

Within a 400-foot radius of 300 East 42nd Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
One of those four items was a sale which David Werner Real Estate Investments bought the 672,462-square-foot, one-unit office building (O4) on 235 East 42nd Street for $406.6 million from Rao & Rao on August 26, 2021.
Of those four items, three were loans above $5 million totaling $565.3 million. The most recent of the three was Turken Foundation which borrowed $35.0 million from Islamic Development Bank secured by the 0-square-foot, 82-unit rental (D6) on 766 2nd Avenue on September 16, 2020.

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