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Boston Properties Completes $1.6B Refi of NYC’s General Motors Building
Boston Properties, Inc.’s consolidated joint venture entity, in which it has a 60% interest and that owns 767 Fifth Avenue in New York City, secured $1.6-billion in refinancing of direct and indirect interests in the asset. The new mortgage financing has a principal amount of $2.3 billion, bears interest at a fixed interest rate of 3.43% per year and matures in 2027.
Boston Properties intends to use a portion of its share of the net proceeds to repay $310 million of borrowings outstanding under its $1.5-billion unsecured line of credit, and for other working capital purposes.
Known as the General Motors Building, and home to the popular Apple “Cube” store on the Fifth Avenue plaza, the 50-story, 1.8-million-square-foot office tower is the crown jewel of the Manhattan skyline. Located at the southeast corner of Central Park, the property occupies an entire city block between Fifth and Madison Avenues and 58th and 59th Streets.
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- ◦Financing
