Crown Acquisitions secures $1B refi from three banks for Olympic Tower

Deal also finances three smaller office and retail buildings

TRD New York /
May.May 03, 2017 05:19 PM

Crown Acquisitions landed a $1 billion refinancing from Deutsche Bank, Goldman Sachs and Morgan Stanley for the Olympic Tower office building at 641 Fifth Avenue in Midtown, The Real Deal has learned. A $760 million loan, a piece of the full package which included $250 million in debt previously held by Wells Fargo, was recorded with the city’s Department of Finance Wednesday. There’s roughly another $240 million in financing that has not yet records, sources said.

The Olympic Tower loan also refinances retail buildings that house the Versace and Cartier luxury stores next door, as well as a seven-story office building at 10 East 52nd Street.

Crown and partner Oxford Properties first bought a 50 percent stake in the 51-story tower in 2012, paying $418.9 million. In 2015, the partners bought out the Onassis Foundation’s remaining ownership in the property for $652 million.

Haim Chera, principal at Crown, declined a request for comment.

This is the second recent refinancing for Crown. In partnership with Lloyd Goldman’s BLDG Management, the company refinanced an office building at 1 West 34 Street with a $150 million loan from Wells Fargo and Goldman Sachs.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Photo illustration of GDSNY CEO Michael Kirchmann, Klövern CEO Rutger Arnhult and 417 Park Avenue (Google Maps, iStock)

Klövern, GDS finance 417 Park Ave with $100M in Swedish bonds

Klövern, GDS finance 417 Park Ave with $100M in Swedish bonds
Joy Construction’s Eli Weiss (left), Maddd Equities’ Jorge Madruga (top), and Drew Katz with 20 Bruckner Boulevard in the Bronx (Getty; Google Maps)

“Dream” comes true for long-vacant Bronx ice house

“Dream” comes true for long-vacant Bronx ice house
 David Bistricer of Clipper Equity and 77 Commercial Street in Greenpoint (REIT and Google Maps)

Bistricer lands $386M construction loan for Greenpoint project

Bistricer lands $386M construction loan for Greenpoint project
109 East 79th Street and Victor Sigoura (Google Maps; Getty)

Victor Sigoura lands $133M construction loan for UES condo

Victor Sigoura lands $133M construction loan for UES condo
From left: Mapleton Rentals at at 1555-1575 61st Street in Mapleton, 1440 Story Avenue in Soundview, Beard-Van Brunt at 411 Van Brunt Street in Red Hook

Abraham Leser targets $74M refi for Brooklyn, Bronx properties

Abraham Leser targets $74M refi for Brooklyn, Bronx properties
A photo illustration of Goldman Sachs CEO David Solomon (Getty; iStock)

Goldman Sachs to juice cash-strapped RE owners with $3B fund

Goldman Sachs to juice cash-strapped RE owners with $3B fund
arrow_forward_ios

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

Loading...