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Durst refinances two Midtown buildings with $1.1B CMBS loan
Landlord replaces $800M in debt at 1133 Sixth Avenue and 114 West 47th Street
![Douglas Durst with 1133 Avenue of the Americas (left) and 114 West 47th Street (Google Maps, Getty)](https://static.therealdeal.com/wp-content/uploads/2021/04/Durst-refinances-two-Midtown-buildings-with-1.1B-CMBS-loan.jpg)
The Durst Organization has secured $1.1 billion in debt to refinance office properties at 1133 Sixth Avenue and 114 West 47th Street.
The 10-year, fixed-rate, interest-only CMBS loans came from Bank of America, Citigroup and Wells Fargo, according to the Commercial Observer. They retire $800 million of debt provided by Citi and Ladder Capital on the two office buildings as well as cover closing costs.
The properties are situated near Bryant Park. The 26-story 114 West 47th Street is 660,000 square feet and was built in 1989. The 47-story, 1.1 million-square-foot Sixth Avenue building opened in 1970.
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![Mayor Bill de Blasi0, a rendering of Halletts Point, and Douglas Durst (Credit: Getty Images, Durst)](https://static.therealdeal.com/wp-content/uploads/2020/01/493-durst-de-blasio-hallets-point-200x143.jpg)
As of February, the properties are about 95 percent leased to 45 tenants, more than half of whom are investment-grade or credit-worthy. Durst has put about $69.3 million into the Sixth Avenue property and $23.3 million into the West 47th Street building over the past decade, Commercial Observer reported.
Durst has sued Amazon over a scuttled lease deal at the Sixth Avenue property, seeking $21 million in damages after it kept 310,000 square feet vacant for Amazon and made modifications, only to see Amazon lease from Vornado Realty Trust elsewhere.
[CO] — Sasha Jones