Metropole refinances 681 Fifth Avenue with $215M CMBS loan

UBS and Citigroup are the lenders

681 Fifth Avenue
681 Fifth Avenue

Metropole Realty Advisors refinanced its office-and-retail building 681 Fifth Avenue with a $215 million CMBS loan from UBS and Citigroup.

The new 10-year mortgage replaces a $125 million Ladder Capital loan that was scheduled to mature in January 2018. It wasn’t clear why the owner decided to refinance early.

Metropole bought the 82,573-square-foot building in 2005 for $86 million. In 2008, the landlord landed a $130 million loan from German lender Hypo Real Estate Capital, but the bank soon fell into trouble over the U.S. mortgage crisis. In 2010, Ladder jumped in as the building’s lender, the Observer reported.

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Metropole completed a renovation of the building in 2009, according to Trepp. Tenants include Tommy Hilfiger, Vera Wang and MCM Worldwide. [CO]Konrad Putzier