The Real Deal New York

French billionaire gets $250M loan from JPMorgan for 693 Fifth

Thor sold the Midtown office-and-retail building for $525M

June 16, 2016 01:19PM

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From left: Marc Ladreit de Lacharrière (via YouTube) and 693 Fifth Avenue

French billionaire Marc Ladreit de Lacharrière lined up $250 million to finance his acquisition of Thor Equities’ 693 Fifth Avenue in Midtown.Debt financing on the $525 million deal is coming from JPMorgan Chase, according to the Commercial Observer.

Ladreit de Lacharrière – who is chair and CEO of Fimalac, a French holding company that owns a minority stake in Fitch Ratings and Warburg Pincus – closed last week on the 20-story, 105,000-square-foot property, which is anchored by a 19,600-square-foot Valentino store. The retailer reportedly pays $3,000 per foot.

It’s not clear what has Ladreit de Lacharrière has planned for the property.

Joe Sitt’s Thor sold the building for nearly four times what the firm paid in 2010. At that time, Sitt shelled out $142 million to buy the property from Japanese department store Takashimaya.

CBRE’s Shawn Rosenthal and Jason Gaccione represented Ladreit de Lacharrière in the financing. [CO] – E.B. Solomont

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