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HNA scores $1.75B loan for 245 Park buy

JPMorgan Chase leads consortium of lenders

245 Park Avenue and HNA Group's Chen Feng (Credit: Richter Frank-Jurgen via Flickr)
245 Park Avenue and HNA Group's Chen Feng (Credit: Richter Frank-Jurgen via Flickr)

HNA Group is funding its blockbuster acquisition of 245 Park Avenue with a $1.75 billion loan from a consortium of banks led by JPMorgan Chase.

The Chinese conglomerate agreed to buy the 1.8-million-square-foot office tower from Brookfield Property Partners and the New York State Teachers’ Retirement System for $2.21 billion, as The Real Deal first reported.

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According to Commercial Mortgage Alert, JPMorgan is providing 25 percent of the loan with the rest coming from Deutsche Bank, Barclays, Natixis and Societe Generale. The new loan, brokered by CBRE and Cooper-Horowitz, replaces a $800 million Bank of China mortgage on the property.

Last week, HNA broke the New York City record for priciest townhouse sale when it bought the Wildenstein mansion at 19 East 64th Street for $79.5 million. The firm plans to convert the property into an office. [CMA via REW] — Konrad Putzier

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Brookfield Property PartnersHNA GroupJPMorgan ChaseReal Estate Finance