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

Deal also finances three smaller office and retail buildings

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
Nightingale’s Eli Schwartz and 111 Wall Street (Credit: Google Maps)
Nightingale, Wafra pay $220M for land under 111 Wall
Nightingale, Wafra pay $220M for land under 111 Wall
(iStock illustration by Kevin Rebong for The Real Deal)
Morgan Stanley bans unvaccinated staffers from offices
Morgan Stanley bans unvaccinated staffers from offices
With major financial choices to make, Newmark receives $850M infusion
With major financial choices to make, Newmark receives $850M infusion
With major financial choices to make, Newmark receives $850M infusion
NYCEEC co-CEOs Curtis Probst and Fred Lee (iStock, NYEEC)
The wait is over: C-PACE finally goes live in NYC
The wait is over: C-PACE finally goes live in NYC
Nightingale’s Eli Schwartz and 111 Wall Street (Google Maps, Nightgale)
Nightingale, Wafra secure $500M loan package to revamp 111 Wall
Nightingale, Wafra secure $500M loan package to revamp 111 Wall
1133 Sixth Avenue, 114 West 47th Street, 537 Greenwich Street and 55 Broadway (Tdorante10/Wikimedia, Durst Organization, Easter Consolidated Google Maps)
These were the largest Manhattan real estate loans in May
These were the largest Manhattan real estate loans in May
arrow_forward_ios

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

Loading...