New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Midtown Manhattan’s Grace Building Secures $1.3B Refi
Fried Frank acted as counsel to a joint venture between Brookfield Office Properties Inc. and affiliates of the Swig Co. in connection with its now-completed $1.25-billion refinancing for the Grace Building at 1114 Ave. of the Americas in Midtown Manhattan.
The refi includes a $750-million, single-borrower CMBS financing originated by Bank of America, JPMorgan Chase, Column Financial and DBR Investments Co. Limited, according to Kroll Bond Rating Agency.
Constructed in 1974, the 490-story Grace Building spans 1.6 million square feet and is currently 94.8% leased to 38 office tenants. KBRA notes that its tenant roster includes nine high-quality creditworthy tenants.
The refi is being used to retire $900 million in existing debt from a 2014 securitization by Deutsche Bank.
The Fried Frank team included real estate partners Joshua Mermelstein and Nathaniel Lifschitz, and real estate associates Simon J. Elkharrat, Michael A. Turo and Kaitlin A. Gottlieb.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
