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Capital One Closes $175M Refi of NYC Office Building
Capital One provided a $175 million loan to a joint venture between a BlackRock Real Assets fund and L&L Holding Company to refinance 600 Third Ave. The 575,000-square-foot, 42-story, Class A office building near New York’s Grand Central Station is currently valued at roughly $440 million.
Capital One’s Jonathan Smith originated the transaction. The facility is a three-year, interest-only, adjustable-rate term loan with two 12-month extension options.
Smith says, “The caliber of the sponsorship, the quality of the underlying asset, and the low level of leverage the sponsors required translated into fierce competition for the refinancing.”
BlackRock’s ownership dates back to 2006, when it formed a JV with the operating partner L&L Holding Company.
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- ◦Financing