RXR has negotiated a modification on a $1.2B loan on 1285 Sixth Avenue, adding $220M in equity to pay down the loan's balance to $980M.
The interest rate on the senior loan, originated by Morgan Stanley and AIG, will increase from about 4% to 6% and the maturity on the debt for the 1.8M SF tower was extended for five years, according to a report in TheRealDeal.
The tower, across the street from Rockefeller Center, is 100% leased. The modified loan also provides for a $60M facility to pay for future capital costs, the report said. The loan, originated in 2016, expired in March. The borrowers were granted an extension.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 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.
