Somerset Partners and Meadow Partners obtained financing of $100M from Brookfield

Somerset Partners and Meadow Partners through the entity 300 East 42nd Street Owner LLC as borrower signed a loan agreement with lender Brookfield through the entity BREF V Series B LLC valued at $100.0 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 768 2nd Avenue in Murray Hill. The deal closed on August 28, 2019 and was recorded on September 10, 2019.
The property contains a total of 207,887 square feet of built space.
The average loan per buildable square foot is $481.

Over the past five years, there have been 14 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 14 renovation/alteration projects (A2) applied for with a total estimated value of $3,501,358.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.

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