RFR gets $100M refi for Midtown South building

TRD New York /
May.May 31, 2013 03:45 PM

RFR Realty nabbed $100 million in refinancing for the 12-story office property at 345 Park Avenue South in the red-hot Midtown South market, Crain’s reported. The refinance, which Citibank handled, values the block-long property at roughly $180 million.

This deal comes on the heels of RFR borrowing nearly $1 billion to refinance the debt on the landmarked Seagram Building at 375 Park Avenue, as previously reported.

“We had another two years on the debt, but just like Seagram we were paying around 5.5 percent and saw the opportunity to take advantage of a loan with better rates,” RFR’s Chief Investment Officer Mark Weiss told Crain’s.

The new loan on the property has a 4 percent rate and a 10-year term.

The building is fully leased to ad agency Digitas, whose lease expires in eight years — before the loan expires.

“That might have been an issue for a building on Sixth Avenue with vacancy but not in Midtown South,” Weiss told Crain’s. “There’s a confidence that the startup companies and tech people and advertising firms all want to be here in Midtown South.” [Crain’s] –Zachary Kussin


Related Articles

arrow_forward_ios
Joseph Nakash, Aby Rosen and W South Beach (Getty, Google Maps)

Aby Rosen’s RFR, Nakash family battle over failed sale of W South Beach condos

Aby Rosen’s RFR, Nakash family battle over failed sale of W South Beach condos
 60 East 55th Street and RFR Realty's Aby Rosen (Getty Images, Google Maps)

RFR’s Core Club condo at Midtown tower heads to special servicing

RFR’s Core Club condo at Midtown tower heads to special servicing
Aby Rosen of RFR Realty and the Chrysler Building (Getty; iStock)

Aby Rosen is bringing back the Chrysler Building’s observation deck

Aby Rosen is bringing back the Chrysler Building’s observation deck
56 West 22nd Street and Michael Kasmierski (Credit: Google Maps)

Kaufman, AXA make $50M Midtown South buy

Kaufman, AXA make $50M Midtown South buy
522 Fifth Avenue, Morgan Stanley’s James Gorman and RFR Realty’s Aby Rosen (Credit: Getty Images; Google Maps)

RFR to buy Morgan Stanley’s 522 Fifth Avenue for $350M

RFR to buy Morgan Stanley’s 522 Fifth Avenue for $350M
RFR Realty's Aby Rosen, 900 Third Avenue, and Paramount's Albert behler (Credit: Getty Images, Google Maps)

Aby Rosen in talks to buy Paramount’s East Side tower for $400M

Aby Rosen in talks to buy Paramount’s East Side tower for $400M
229 West 28th Street with Rodgers & Hammerstein (Credit: Getty Images, 229nyc, Rumi)

Lexin Capital puts Midtown South office building up for sale

Lexin Capital puts Midtown South office building up for sale
RFR Realty's Aby Rosen, Brookfield's Ric Clark and the Lever House at 390 Park Avenue (Credit: Getty Images and Google Maps)

Aby Rosen’s new landlords move to take control of Lever House

Aby Rosen’s new landlords move to take control of Lever House
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...