Crown Acquisitions secures $1B refi from three banks for Olympic Tower
Deal also finances three smaller office and retail buildings
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.