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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