French billionaire gets $250M loan from JPMorgan for 693 Fifth

Thor sold the Midtown office-and-retail building for $525M

From left: Marc Ladreit de Lacharrière (via YouTube) and 693 Fifth Avenue
From left: Marc Ladreit de Lacharrière (via YouTube) and 693 Fifth Avenue

French billionaire Marc Ladreit de Lacharrière lined up $250 million to finance his acquisition of Thor Equities’ 693 Fifth Avenue in Midtown.Debt financing on the $525 million deal is coming from JPMorgan Chase, according to the Commercial Observer.

Ladreit de Lacharrière – who is chair and CEO of Fimalac, a French holding company that owns a minority stake in Fitch Ratings and Warburg Pincus – closed last week on the 20-story, 105,000-square-foot property, which is anchored by a 19,600-square-foot Valentino store. The retailer reportedly pays $3,000 per foot.

It’s not clear what has Ladreit de Lacharrière has planned for the property.

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Joe Sitt’s Thor sold the building for nearly four times what the firm paid in 2010. At that time, Sitt shelled out $142 million to buy the property from Japanese department store Takashimaya.

CBRE’s Shawn Rosenthal and Jason Gaccione represented Ladreit de Lacharrière in the financing. [CO] – E.B. Solomont