JHP finances 405 Park Avenue

Real Estate Weekly, Dec 15, 1999

JHP Realty Advisors, Inc. recently closed a supplemental loan in the amount of $7 million on 405 Park Avenue, a Class A office building located at the northeast corner of Park Avenue and [East 54th Street in the heart of Midtown Manhattan.

The loan was placed with The Prudential Insurance Company of America. JHP Realty Advisors exclusively represents The Prudential for its PruExpress lending program in the New York metropolitan area.

JHP had previously closed a first mortgage loan on 405 Park Avenue with The Prudential Insurance Company several years ago. The term of the new loan is co-terminus with that of the existing first mortgage. The interest rate on the supplemental loan was locked at application at a very competitive rate and fixed for the remaining loan term.

The property consists of a 16-story Class A office building containing approximately 160,000 rentable square feet. The building's major tenant is Allied Irish Bank, which occupies the majority of the ground floor plus several contiguous fall floors within the building. Allied Irish Bank has been the building's major tenant for more than 20 years and has recently entered into a new long-term lease. The landlord, has consistently upgraded and improved the building and recently implemented a major buildingwide modernization program.

The transaction was underwritten aid closed by Jeanne Cronin, Tom Halligan and Harry Woods of JHP Realty Advisors on behalf of The Prudential Insurance Company of America. James Millard of Colliers ABR represented the landlord as managing and rental agent, and David Barry, Esq. of Kelley, Drye & Warren represented the borrower.