Kaufman Organization Secures $32.25 Million Financing for 12-Story Office Building in Midtown South
The Kaufman Arcade, a 200,000-square-foot office building located at 132 West 36th Street in Midtown South, has recently secured a $32.25 million non-recourse loan for the next five years. The financing was negotiated by Morris Betesh, Justin Boruchov and Jack McPhail of Meridian Capital Group.
Originally constructed in 1922 and featuring ground floor retail space, this property has been under the management of Kaufman Organization for over seven decades with an impressive occupancy rate of 92%. Despite challenges faced by the office sector as a whole, Kaufman’s hands-on management approach and commitment to providing top-tier service to tenants have kept this asset well-occupied.
According to Betesh: “Meridian successfully sourced a lender who recognized both the strength of this asset and the experienced sponsorship team behind it. This resulted in an attractive financing package being provided.”
