575 Lex owners secure $415M refi loan
The financing will be used to refresh a 2015 loan from Wells Fargo
The owners of 575 Lexington have secured a $415 million refinancing loan from Paramount Group.
The new loan will replace a Wells Fargo loan obtained by the owners in 2015, according to Commercial Observer. The financing makes up just over 50 percent of the closing value of $775 million parent debt fund, Paramount Fund VIII.
A Cushman & Wakefield team represented the owners in the deal.
In November, financial services firm Janney Montgomery Scott moved out of the Lexington Avenue tower and shifted to 1166 Sixth Avenue. Law firm Boies, Schiller & Flexner, which currently has around 100 lawyers stationed in the building, inked a 83,000-square-foot deal in 55 Hudson Yards in 2015.
The Midtown East tower is 86 percent occupied, according to the report.