Somerset, Meadow borrow $106M from insurance company Athene Holdings for office property in Murray Hill

Somerset Partners and Meadow Partners through the entity 300 East 42nd Street Owner LLC as borrower signed a loan agreement with insurance company lender Athene Holdings, partially owned by Apollo Global Management, through the entity Athene Annuity and Life Company valued at $106 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 300 East 42nd Street in Murray Hill. The deal closed on February 19, 2020 and was recorded on February 24, 2020.
The property contains a total of 207,887 square feet of built space.
The average loan per buildable square foot is $512.
Brookfield Asset Management provided a $100 million acquisition and rehabilitation loan in August 2019 at the time of Somerset and Meadow’s purchase of the building for $122.5 million on August 28, 2019. Brookfield added $6 million in debt just before it assigned the entire loan package to Athene.

Over the past five years, there have been 16 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 16 renovation/alteration projects (A2) applied for with a total estimated value of $3,854,358.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link