Commercial Real Estate Direct Staff Report

AIG Asset Management has provided a $275 million mortgage against Herald Towers, a 690-unit apartment property in Manhattan.

The 20-year loan was used by the property's owner, JEMB Realty, to refinance a $183.2 million mortgage that had been provided in 2007 by M&T Bank.

The property, at 50 West 34th St., was constructed in 1911 and originally served as the Hotel McAlpin. It was converted into residential use...