LMR Assets, a real estate investment entity of Gourmet Home Products, landed a $24.4 million loan to refinance its office and retail tower at 148 Madison Avenue. The U.S. arm of Industrial and Commercial Bank of China (ICBC) supplied the loan for the 16-story building.
The sponsor, led by Jack Saadeh, Victor Saadeh and Jack Yadid, acquired the building for $31.3 million in June 2024 in an owner-occupier deal. It was the first commercial real estate purchase for the real estate arm of Gourmet Home Products.
Meridian Capital Group's Benjamin Klugmann and Ariel Taieb arranged the deal for LMR. Klugmann said in a statement that ICBC recognized the quality of the real estate and the strength of the sponsorship.
The circa-1917 tower, located in Manhattan's NoMad neighborhood, occupies a full Madison Avenue block face between East 31st and East 32nd streets. Since its purchase, LMR has invested in capital improvements across the 71,871-square-foot tower, according to Meridian.
The property features 15 office spaces and a retail space currently occupied by Brazilian luxury furniture brand Ornare.
To me, this suggests that a well-located, owner-occupied office asset can still clear the credit bar, even for a non-traditional sponsor.