An up-to-date $140M loan on the original McGraw-Hill Building, the Art Deco landmark on West 42nd Street, has gone on the market a year before it is scheduled to mature.
Newmark is marketing Signature Bank's floating-rate loan on the 33-story building at 330 West 42nd Street. According to Newmark, the blended rate of the debt package is 6.59%, with a default rate of 24%. The balance on the debt package is about $241 per SF, scheduled to come to due in May 2024.
Signature has not specified a reason for selling a performing loan on the architectural treasure dating back to 1931.
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