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ESRT Lines Up $180M Mortgage on Midtown Tower
Empire State Realty Trust (ESRT) has closed on a $180-million mortgage loan for 250 W. 57th St., a 542,000-square-foot office and retail property in Midtown Manhattan. The new interest-only loan from an undisclosed lender bears a fixed rate of 2.83% and matures in December 2030.
“We are pleased to close on this financing transaction,” said Christina Chiu, ESRT’s EVP and CFO. “The strong execution reinforces the quality of ESRT’s assets and our ability to access the capital markets.”
ESRT will use the proceeds from the loan to bolster its liquidity and balance sheet flexibility. The loan was arranged by Estreich & Company.
Office tenants at the 26-story property include COOKFOX Architects, Universal Music Group, GuildNet, ASCAP and Mount Sinai. In-building retailers include HSBC Bank, Bank of America, AT&T and T.J. Maxx.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
