The Vanbarton Group has defaulted on a loan covering 292 Madison Ave., a 26-story office building near Bryant Park that it has owned since 2016.
The investment company had until last month to pay off an $87.5M loan on the property from Deutsche Bank but has failed to make the necessary payments, The Real Deal reported.
The Vanbarton Group acquired the property for $180M and began renovations in the 200K SF property in 2018. The owner scored the Deutsche Bank loan in 2019, with a two-year term and three one-year extension options.
All three of those extension options covering the loan on 292 Madison…