Ocean West Capital Partners, a real estate investment, operations, and management platform headquartered in El Segundo, California, announced it has led a UCC foreclosure of 285 Madison Avenue, an office property in New York City.
The 26-story, 511,000-square-foot property was built in 1926 and is located in Midtown Manhattan near Grand Central Terminal; it is 96% leased. RFR Holding acquired the property for $189 million in 2012. According to The Real Deal, RFR took out a $235 million CMBS loan and a $205 million in mezzanine debt in 2017. After a loan default in late 2024, Ocean West was brought in at this time to serve as advisor to the Korea-based mezzanine lender, was comprised of a consortium of South Korean insurance companies.
Ocean West will remain involved throughout the investment hold period to oversee the asset.
“We believe that the quality of the building, the vibrancy of the market, and our cost basis will provide a strong opportunity to enhance cashflows and create value over time,” said Ryan Tucker, principal at Ocean West.
