GlobeSt.com UPDATE: 450 Park JV Closes $112M Refi

NEW YORK CITY-A joint venture that completed the $158-million acquisition of 450 Park Ave. earlier this month has closed on $112 million in financing earmarked for payment of existing debt on the 339,000-sf property.

The five-year, adjustable-rate first mortgage was arranged by Evan Pariser of commercial mortgage banking and investment sales firm Holliday Fenoglio Fowler LP. German bank HypoVereinsbank provided the financing. “The Hypo team delivered a commitment within one week of receipt of the signed application and closed the loan seven weeks later,” Pariser notes.

GlobeSt.com reported in April that a joint venture of Manhattan based Taconic Investment Partners and the New York State Common Retirement Fund had agreed to acquire the property. (Click here to read the original story.) The closing, also reported on GlobeSt.com, took place June 3. Eastdil Realty managing director Douglas Harmon brokered for the seller, an investment group led by Peter Sharp. The buyer was self-represented.