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Durst Markets $1.1B of CMBS on Midtown Manhattan Towers
The Durst Organization is marketing $1.1 billion in CMBS to refinance office buildings at 1133 Ave. of the Americas and 114 W. 47th St. in Midtown Manhattan, Crain’s New York Business reported.
The fixed-rate CMBS—underwritten by Bank of America, Citigroup and Wells Fargo—will be used to retire approximately $800 million of existing debt, return $283.5 million of equity to the owner and cover closing costs, Crain’s reported, citing Fitch Ratings. The debt being retired is from a $200-million balance-sheet loan tied to 1133 Sixth and $600 million of an existing credit facility.
As of February, the properties were 94.8% leased to 45 diverse tenants, Fitch said, with approximately 53% of the net rentable area leased to investment-grade and credit-worthy tenants or their affiliates. Additionally, approximately 13% of the rentable area is leased by law firms that are part of the AM Law 200.
