RFR, which in May negotiated an extension on a mortgage coming due on the Seagram Building, has secured a $1.1B recapitalization for the Park Avenue landmark.
The new financial package replaces a $789M senior CMBS loan backed by the tower at 375 Park Avenue in Midtown. The deal also includes about $350M in new equity from JVP Management, a mezzanine lender on the building, according to a report in Commercial Observer.
In February, RFR tapped Eastdil Secured to arrange a financial package that could retire the outstanding debt on the 38-story Seagram Building. In May, RFR received a one-year extension on the loan, with an extra 12-month option.
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