{"id":183451,"date":"2026-04-02T15:10:32","date_gmt":"2026-04-02T15:10:32","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/183451\/"},"modified":"2026-04-02T15:10:32","modified_gmt":"2026-04-02T15:10:32","slug":"ladder-capital-provides-30m-refi-for-midtown-manhattan-office-building-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/183451\/","title":{"rendered":"Ladder Capital Provides $30M Refi for Midtown Manhattan Office Building \u2013 Commercial Observer"},"content":{"rendered":"

MJ Orbach Associates<\/a> has landed a $29.5 million loan to refinance an office building in Midtown Manhattan, Commercial Observer has learned.<\/p>\n

Ladder Capital<\/a> supplied the loan for the real estate investment firm\u2019s 176,000-square-foot property at 260 West 39th Street.\u00a0<\/p>\n

SEE ALSO: Blackstone Provides $851M Refi for 17-Asset U.S. Industrial Portfolio<\/a><\/p>\n

Arrow Real Estate Advisors<\/a> arranged the loan with a team that included Morris Betesh, Jack McPhail, Alex Ellman and Joseph Kean.<\/p>\n

\u201cOffice remains the most polarizing asset class<\/a> in commercial real estate right now, and the reality is that many lenders are not engaging with the sector at all,\u201d Betesh, founder and managing partner at Arrow, said in a statement. \u201cFor borrowers who have a credible business plan, there is capital available, but sourcing it requires targeted outreach and a lender who can underwrite to the fundamentals of the specific asset rather than painting every office building with the same brush.<\/p>\n

Betesh also noted that Ladder Capital \u201crecognized the strength of the in-place cash flow, the granularity of the tenant base and the accretive leasing runway at this basis\u201d when deciding to conduct the financing.\u00a0<\/p>\n

Located in Manhattan\u2019s Garment District between Seventh and Eighth avenues, the 19-story building is leased to a mix of tenants in the fashion, design, creative and professional services sectors. The 1926-built property also houses ground-floor retail space.<\/p>\n

Ladder Capital and MJ Orbach Associates did not immediately return requests for comment.<\/p>\n

Andrew Coen can be reached at acoen@commercialobserver.com<\/a>.\u00a0<\/p>\n

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