No Debt Prompts $125M Refi

NEW YORK CITY-With no existing debt on the property, the owner of the Art-Deco landmark Salmon Tower near Bryant Park, took advantage of the current low interest rate environment and put on low-leveraged, fixed-rate permanent financing in the amount of $125 million.

Keith Braddish, of LJ Melody & Co.’s New York City office, arranged the financing for the 646,350-sf class A property located at 500 Fifth Ave. LJ Melody is the financing arm of CB Richard Ellis. New York Life Insurance Co. provided the funding on behalf of the borrower, a private client advised by L&B Realty Advisors of Dallas.