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Deutsche Bank loans Oxford $180M for partial purchase of Sutton Place tower
Loan finances Oxford’s $278M purchase of building at 1065 Second Avenue
Deutsche Bank has given Oxford Properties Group a $180 million loan for the company’s $278 million purchase of part of a mixed-use property in Sutton Place.
The CMBS loan is for 10 years and will be fixed-rate and interest only, according to the Commercial Observer. The building, located at 1065 Second Avenue and known as Aalto57, spans just over 313,000 square feet and contains 169 rental units, a 32,000-square-foot Bank of America and a 34,000-square-foot Whole Foods. Its alternate address is 252 East 57th Street.
Oxford is just purchasing the rental and commercial parts of the building from World Wide Group and Rose Associates. The company recently closed on a $700 million deal for part of the St. John’s Terminal site as well, and they are also co-developing Hudson Yards with Related Companies. [CO] – Eddie Small