Real estate company Tishman Speyer and investment firm Henry Crown & Co. are raising $3.4 billion through a single-borrower CMBS transaction secured by Rockefeller Center's office and retail space. The $3.4 billion is the majority of the $3.5 billion fixed-rate, interest-only mortgage loan on the properties, according to KBRA's pre-sale report.

The portion in question is a 7.2 million square foot, 13-building mixed-use office and retail complex. There is also a first-priority pledge of "equity interests in affiliates of the borrower that operate the various amenities and attractions at the property," the firm noted in a press release. The properties were 92.6% leased to more than 400 tenants in July 2024.

A KBRA financial analysis found a net cash flow of about $273.6 million, which is about 18% less than the issuer's net cash flow expectation. Also, KBRA's valuation of the property was about $3.73 billion —38.9% below the appraiser's as-is value. That makes the loan-to-value in KBRA's view 93.9%.