L&L Holding Co. has closed on $911.4 million in financing for 425 Park Ave., its 47-story office tower nearing completion in the Plaza District of Midtown Manhattan.
The finance package, obtained through a consortium of lenders led by Blackstone Real Estate Debt Strategies, replaces 425 Park's original construction loan and will cover the final stages of the project, including full lease-up, prior to being replaced by permanent financing.
A JLL Capital Markets team, led by Michael Tepedino and Michael Gigliotti, worked on behalf of L&L Holding and its project partners BentallGreenOak and Tokyu Land Corporation.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
