Ocean West Capital Partners led the UCC foreclosure of 285 Madison Ave., a 511,000 square-foot office property in Midtown Manhattan near Grand Central Terminal. El Segundo, CA-based Ocean West represented the mezzanine lender, a consortium of some of the largest insurance companies in South Korea.
Although the property remains well leased, the $205-million mezz loan fell into maturity default in late 2022. The loan was extended to provide time for recovery but came back into default in late 2024, when the extension expired.
The acquisition of 285 Madison through UCC foreclosure is part of more than $2 billion of New York City assets upon which Ocean West has either acquired or advised upon for Korean institutional investors in the past 12 months. “We have seen a change in tenor from the Korean lending community whereby they have become more aggressive in protecting assets located in strong markets,” said Phil Choi, principal and co-founder of Ocean West.
DLA Piper LLP represented the mezz lender, Newmark managed the UCC auction marketing process and Daol Asset Management served as the Korean investment advisor.
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