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681 Madison Ave

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681 Madison Ave. co-op association snags $75M loan The mortgage includes $60M in new financing

681 Madison Avenue

Cumberland House Corporation, the co-op association for the 16-story building at 681 Madison Avenue, secured a $75 million loan, according to property 上海龙凤论坛sh1f

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records filed Wednesday.

The a上海龙凤论坛sh1f

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greement, which combines two loans from AIG worth $60 million and $15 million, replaces a $15 million loan conso上海夜网

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lidated by the Bank of New York Mellon in 2014.

Cumberland bought the 108-unit, mixed-use building in 1981 for $1.6 million, records show. Today, the building grosses over $5.2 million of income after expenses, according to tax filings available through the Department of Finance.

It’s not clear how Cumberland would utilize the $60 million in new financing. The loan matures in 2035.

A representative from the building’s management c阿爱上海同城

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ompany, Brown Harris Stevens Residential 上海夜网论坛

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Management, and AIG could not immediately be reached for comment.

Tags: Real Estate Finance
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