Tishman Speyer and Henry Crown have successfully raised $2.65 billion in the commercial mortgage-backed securities market for The Spiral, a prominent office tower in New York City. This transaction marks the beginning of what analysts predict will be a banner year for the single asset, single borrower (SASB) sector.
The bond, which was priced on Tuesday, features a top tranche with a coupon rate of 5.47%, a source close to the matter told Bloomberg, adding that an additional $200 million in debt will be securitized in future deals, bringing the total amount raised to an impressive $2.85 billion. The building's owners plan to utilize these proceeds to refinance existing debt, allocate funds for tenant reserves, and return equity to sponsors.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
