Citigroup provides $300M loan for Haymes’ 5 Penn Plaza

CMBS loan to replace existing $203M from JPMorgan Chase

New York /
Jan.January 08, 2016 05:46 PM

Citigroup is set to provide a $300 million commercial mortgage-backed securities loan to real estate investment firm Haymes Investment for its Midtown office building at 5 Penn Plaza.

The deal will refinance an existing $203 million CMBS loan on the 24-story property, provided by JPMorgan Chase in 2007, which is due to mature next year. JPMorgan subsequently securitized that mortgage in a CMBS conduit.

While Haymes originally intended to replace the debt on the 631,000-square-foot property with U.S. Treasuries, the family-operated firm decided to stick with the CMBS market, according to the New York Observer. Citigroup is expected to securitize the new 10-year loan, which has yet to close, in the coming weeks.

The office building at 5 Penn Plaza, located on Eighth Avenue between West 33rd and West 34th streets, is 98.5 percent leased with office tenants including Sirius XM Radio and the Visiting Nurse Service of New York. It also serves as Haymes’ headquarters.

The property holds more than 26,000 square feet of retail space, with CVS Pharmacy serving as one of the ground-floor retail tenants. [NYO]Rey Mashayekhi


Related Articles

arrow_forward_ios
(Illustration by The Real Deal with Getty)
Housing affordability hits 33-year low
Housing affordability hits 33-year low
Equifax CEO Mark Begor (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images)
Equifax error might have harmed (or helped) mortgage applicants
Equifax error might have harmed (or helped) mortgage applicants
A photo illustration of rising mortgage application rates (Photo Illustration by The Real Deal with Getty Images)
Mortgage applications tick up after Fed rate hike
Mortgage applications tick up after Fed rate hike
Remove term: Mortgages MortgagesRemove term: Residential Real Estate Residential Real Estate
The Fed raised rates. So why did mortgage rates fall?
The Fed raised rates. So why did mortgage rates fall?
AG Merrick Garland (Illustration by The Real Deal with Getty))
DOJ snares Berkshire Hathaway-owned lender for historic redlining settlement
DOJ snares Berkshire Hathaway-owned lender for historic redlining settlement
(Getty)
CMBS volume plunges 29% in second quarter
CMBS volume plunges 29% in second quarter
Foreclosures in an uptick
Foreclosures and mortgage delinquencies tick up in June
Foreclosures and mortgage delinquencies tick up in June
(Getty)
Broken record: Mortgage demand hits (another) 22-year low
Broken record: Mortgage demand hits (another) 22-year low
arrow_forward_ios

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

Loading...