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

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