The Real Deal New York

Wells Fargo, BofA to refinance MetLife building for $1.4B

Deal would value the building at $3 billion
February 26, 2015 03:00PM

Bank of America and Wells Fargo are refinancing Tishman Speyer’s MetLife building for $1.4 billion.

The deal could value the iconic 58-story Midtown East tower at 200 Park Avenue at roughly $3 billion, making it one of Manhattan’s most expensive office buildings, according to Bloomberg. The refinancing will pay down a $1.72 billion mortgage that Tishman Speyer took out in 2005, according to the website.

Bank of America and Wells Fargo plan to divide the 10-year debt into bonds that they will sell to investors, a Tishman Speyer spokesperson told the website.

At $3.4 billion, the General Motors Building is currently the highest valued office building in Manhattan. [Bloomberg]Claire Moses

 

 

 

 

  • huh?

    ummm if theyre getting a loan 1.4b – and assuming theyre getting 70-75% LTV, the building is only worth 1.8 – 2 billion…. using your valuation, they only got a loan thats 40% LTV….? please explain