MetLife has provided a $190 million loan to fund upgrades to TIAA-CREF and the Australian Government Future Fund’s 685 Third Avenue.
The five-year debt deal closed earlier this month, according to the New York Observer. The 31-story tower doesn’t have any other existing debt. TIAA-CREF and the Australian sovereign wealth fund acquired the more than 646,000-square-foot property in 2010 from Pfizer for $190 million. [more]