{"id":1004357543,"date":"2019-10-03T03:37:02","date_gmt":"2019-10-03T11:37:02","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004357543"},"modified":"2021-05-15T05:29:23","modified_gmt":"2021-05-15T13:29:23","slug":"manhattan-office-lands-110m-refi","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-lands-110m-refi\/","title":{"rendered":"Manhattan Office Lands $110M Refi"},"content":{"rendered":"
\"\"<\/a>

287 Park Ave. S. Image courtesy of CheerLand Investment Group<\/em><\/p><\/div>\n

CheerLand Investment Group has landed a $110 million refinancing for its recently renovated Midtown South office<\/a> tower, 287 Park Ave. S. Newmark Knight Frank arranged the financing with a floating-rate loan provided by Bank of China.<\/p>\n

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READ ALSO<\/strong>: Office Market Trending Towards a Hospitality Mindset<\/a><\/p>\n

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In 2014, the Chinese development company bought 287 Park Ave. S. for $128 million, according to public records. CheerLand was originally planning to convert the property into high-end condos, but later decided to renovate the building into office space, according to the Commercial Observer.<\/em> The upgraded office space now offers 118,034 square feet of rentable space, with two ground-floor retail options.<\/p>\n

NKF\u2019s Dustin Stolly said that CheerLand invested a significant amount of capital into redeveloping 287 Park into a Class A office and retail building by updating it with modern building systems and amenities, while also restoring its historic design. The nine-story property, formerly known as the United Charities Building, was declared a national landmark in 1991.<\/p>\n

The new design includes two lobby entrances, offices with 14-foot ceilings, a penthouse with 22-foot ceilings, an 85-foot long skylight and a private roof terrace. NKF vice chairs & co-heads of Debt & Structured Finance Jordan Roeschlaub and Stolly led the transaction, along with Nick Scribani and Chris Kramer.<\/p>\n

Signed to Spaces by Regus<\/h2>\n

\u201cThe newly renovated, 118,034 SF office property was an easy sell to the lender universe given its highly visible, world-class location on Park Avenue South,\u201d <\/em>Kramer told Commercial Property Executive. \u201cFollowing the lease-up momentum of Spaces by Regus taking the entirety of the office space, the deal was \u2018buttoned-up\u2019 and the execution of the refinance was enhanced.\u201d<\/em><\/p>\n

Kramer pointed out that Spaces, a flexible workspace provider, signed a 15-year lease for all of the office space at 287 Park Ave S. Penned in September<\/a> of last year, Spaces took 103,321 square feet in the building as part of an extensive expansion plan in New York City.<\/p>\n","protected":false},"excerpt":{"rendered":"

Newmark Knight Frank worked on behalf of CheerLand Investment Group to secure a floating-rate loan provided by Bank of China. <\/p>\n","protected":false},"author":883,"featured_media":1004357576,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,1600,21742,10,21747],"tags":[47276,42461,36007,33655],"class_list":["post-1004357543","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-new-york","category-latest","category-northeast","category-office","tag-bank-of-china","tag-coworking","tag-newmark-knight-frank","tag-regus"],"acf":[],"yoast_head":"\nManhattan Office Lands $110M Refi - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-lands-110m-refi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Manhattan Office Lands $110M Refi\" \/>\n<meta property=\"og:description\" content=\"Newmark Knight Frank worked on behalf of CheerLand Investment Group to secure a floating-rate loan provided by Bank of China.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/manhattan-office-lands-110m-refi\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-10-03T11:37:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T13:29:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/287-Park-Ave.-S..jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jackson Chen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/manhattan-office-lands-110m-refi\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/manhattan-office-lands-110m-refi\\\/\"},\"author\":{\"name\":\"Jackson Chen\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/8d4607aca26f3427c49fe54ddc82ddf1\"},\"headline\":\"Manhattan Office Lands $110M Refi\",\"datePublished\":\"2019-10-03T11:37:02+00:00\",\"dateModified\":\"2021-05-15T13:29:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/manhattan-office-lands-110m-refi\\\/\"},\"wordCount\":333,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/manhattan-office-lands-110m-refi\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2019\\\/10\\\/287-Park-Ave.-S..jpeg\",\"keywords\":[\"Bank of China\",\"Coworking\",\"Newmark Knight Frank\",\"Regus\"],\"articleSection\":[\"Featured\",\"Finance\",\"New York\",\"News\",\"Northeast\",\"Office\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/manhattan-office-lands-110m-refi\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/manhattan-office-lands-110m-refi\\\/\",\"name\":\"Manhattan Office Lands $110M Refi - 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