**Mezzanine Lender Acquires 285 Madison Avenue Through UCC Foreclosure**
Ocean West Capital Partners has led the UCC foreclosure of 285 Madison Avenue, a 511,000-square-foot office property located in Midtown Manhattan near Grand Central Terminal. Representing the mezzanine lender, a consortium of leading South Korean insurance companies, El Segundo, California-based Ocean West executed the acquisition following a maturity default.
Despite the building being well leased, the $205 million mezzanine loan initially fell into default in late 2022. Although an extension was granted to allow time for recovery, the loan defaulted again at the end of 2024 as the extension period expired.
The acquisition is part of a broader effort by Ocean West, which has acquired or advised on over $2 billion worth of New York City assets for Korean institutional investors in the last 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.
DLA Piper LLP provided legal representation for the mezzanine lenders. Newmark managed the auction process associated with the UCC foreclosure, and Daol Asset Management acted as the Korean investment advisor.
