NEW YORK CITY—Affiliates of Solow Realty & Development Co. have secured a $1.2 billion, 10-year fixed-rate first-lien fee and leasehold mortgage for 9 W. 57th St. Financing was provided by JP Morgan Bank, National Association.
A portion of the loan proceeds were used to defease the existing $625 million loan originated in 2012 which loan was held in a single asset securitization. A spokesperson for the law firm of Shearman & Sterling, which represented Solow in the transaction, declined to reveal how the remaining loan proceed would be spent.
The property reportedly is considered as one of the nation's premier trophy office buildings due to its architecture, location and unobstructed Central Park views. It commands some of the highest per square foot office rents in Manhattan and serves as headquarters' locations for Chanel, Apollo Global Management Holdings, Och Ziff Management, Tiger Global Management, Ruane, Cunniff & Goldfarb, Benefit Street Partners and other private equity firms.
The Shearman & Sterling team included New York real estate partner Chris Smith; counsel Peter Strauss; and associates Andrew Smook, Kris Ferranti.
A portion of the loan proceeds were used to defease the existing $625 million loan originated in 2012 which loan was held in a single asset securitization. A spokesperson for the law firm of
The property reportedly is considered as one of the nation's premier trophy office buildings due to its architecture, location and unobstructed Central Park views. It commands some of the highest per square foot office rents in Manhattan and serves as headquarters' locations for Chanel, Apollo Global Management Holdings, Och Ziff Management, Tiger Global Management, Ruane, Cunniff & Goldfarb, Benefit Street Partners and other private equity firms.
The
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
