Two large CMBS loans backed by venerable Park Avenue trophies that had landed on Trepp's "watch list" recently negotiated extensions.
Tishman Speyer got a one-year extension with additional a one-year extension option for a $485M CMBS loan that had gone into special servicing. Backing the loan was 300 Park Avenue, a 26-story building dating to 1955.
Last month, New York-based RFR Realty negotiated a one-year extension, also with a one-year extension option, of a $1B debt package, including a $783M CMBS loan, on the Seagram Building, 375 Park Ave., in a modified package that includes an infusion of equity from RFR.
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