**Mezzanine Lender Acquires 285 Madison Avenue Via UCC Foreclosure**
Ocean West Capital Partners has successfully led the UCC foreclosure of 285 Madison Avenue, a 511,000-square-foot office property located in Midtown Manhattan near Grand Central Terminal. The El Segundo, California-based investment firm represented the mezzanine lender, a consortium composed of some of South Korea’s largest insurance companies.
Despite the property maintaining a strong leasing profile, the $205-million mezzanine loan went into maturity default in late 2022. Although an extension was granted to allow time for potential recovery, the loan defaulted again when the extension period ended in late 2024.
The acquisition of 285 Madison Avenue is part of a broader strategic initiative by Ocean West, which has either acquired or advised on over $2 billion in New York City real estate assets on behalf of Korean institutional investors in just the past year.
“We have seen a change in tenor from the Korean lending community whereby they have become more aggressive in protecting assets located in strong markets,” said Phil Choi, principal and co-founder of Ocean West Capital Partners.
Legal representation for the mezzanine lender was provided by DLA Piper LLP. Newmark managed the UCC auction marketing process, while Daol Asset Management acted as the Korean investment advisor.
