Olayan America locked down a $570 million, four-year loan for the Sony Building, replacing a short-term bridge loan that ING Capital had provided the Saudi firm earlier this year to acquire the office property.
ING led the refinancing for a short-term mortgage on the 37-story trophy office tower at 550 Madison Avenue with a group of lenders including the Bank of East Asia New York Branch, Credit Agricole Corporation and Investment Bank, Societe Generale and Nataxis Real Estate Capital, the Wall Street Journal reported.
“The loan gives Olayan the time they need to develop a comprehensive leasing strategy for the asset and ultimately re-lease and stabilize the building,” Craig Bender, managing director and head of U.S. Real Estate Finance at ING, told the newspaper.
ING had provided a $570 million bridge loan earlier this year so Olayan could acquire the $1.4 billion property from the Chetrit Group and Clipper Equity. The Real Deal first reported on Olayan’s landmark purchase in April.