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.
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