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STRS Ohio Sets Sights on 590 Madison Ave.

NEW YORK CITY—The pension fund has retained Cushman & Wakefield to line up a sizeable mortgage backed by the office building.

By Rayna Katz | Updated on April 21, 2015

NEW YORK CITY—Cushman & Wakefield‘s equity, debt & structured finance team has been retained by the State Teachers Retirement System of Ohio to arrange up to a $650 million mortgage secured by 590 Madison Ave., in the Plaza District. The loan-to-value ratio is anticipated to be less than 45% LTV with a lender basis, per square foot, below estimated land value.

The refinancing proceeds will retire $350 million of fixed-rate financing that Cushman & Wakefield had arranged in January 2007.

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