Search
 

Full Financing Comes to 425 Park Ave.

NEW YORK CITY—A large construction loan will be provided for the L&L project by MassMutual while a Japanese firm also has come onboard as a co-equity partner and co-developer.

By Rayna Katz | Updated on June 03, 2015

NEW YORK CITY—L&L Holding Co. and its co-managing partner, GreenOak Real Estate have secured full-financing for 425 Park Ave. A $556 million construction loan will be provided by MassMutual Financial Group for the new Midtown office tower. Set to rise in the iconic Plaza District and considered L&L’s crown jewel, the building also has a new co-equity partner and co- developer: Tokyu Land Corp.

Tokyu and its subsidiaries will co-invest in the 47-story office tower alongside co-managing partners L&L Holding and affiliates of GreenOak Real Estate. MassMutual’s loan, which comes via its affiliate—Cornerstone Real Estate Advisers—was arranged by HFF. 

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.