The Carlyle Group Closes $355 Million Refinancing of 650 Madison Avenue

New York, NY – Global alternative asset manager The Carlyle Group and Ashkenazy Acquisitions Corporation today announced that they have successfully concluded a $355 million refinancing of 650 Madison Avenue in New York, NY. This is one of the largest single asset refinancings in New York since 2008. The building is a 27-story, mixed-use property with Class A office and world-class retail tenants.

Carlyle Principal Andrew Chung said, “This transaction demonstrates that for trophy assets with proven owners, liquidity is available. We appreciate the efforts of our financing sources.”

The mortgage loan was provided by Wells Fargo Bank, National Association and Industrial And Commercial Bank Of China Limited (ICBC), New York Branch. This is the first time ICBC has financed a large commercial real estate transaction in the United States.

Carlyle Realty Partners V, a real estate fund controlled by The Carlyle Group, and Ashkenazy Acquisitions Corporation jointly purchased 650 Madison in 2008. Since the acquisition, they have leased more than 288,000 square feet of the building (48%) during one of the most difficult leasing environments in history. The building is now 95% leased.

Background on 650 Madison:

27-story, mixed-use property with Class A office and world-class retail components totaling 595,023 square feet
Located in the heart of Midtown Manhattan’s most coveted submarket, the Plaza District, with a full block of frontage on Madison Avenue between 59th and 60th streets
The property commands some of Manhattan’s highest rents and features a diverse, creditworthy tenant base.

Eastdil Secured served as advisor to Carlyle and Ashkenazy Acquisitions Corporation on the mortgage loan.

The Bank Services Group of Newmark Knight Frank, led by Proctor Wong, secured and advised ICBC on the mortgage loan.

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