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Deutsche Bank Lends $463M on 5 Bryant Park Deal
Deutsche Bank has provided $463 million in financing for Savanna’s acquisition of 5 Bryant Park, which closed last week. A JLL Capital Markets team of Kellogg Gaines and Aaron Niedermayer secured the debt for Savanna, while a separate JLL team of Peter Nicoletti and Anthony Ledesma completed the $640-million sale of behalf of the Blackstone Group.
“Having worked closely with Savanna on numerous deals over the years, together we quickly identified the key aspects of this financing that were critical to Savanna,” said Gaines. “We received tremendous interest from various types of lenders, given 5 Bryant Park’s iconic location and the strength of the sponsor.”
Blackstone has done $107 million of renovations on the 683,000-square-foot office tower since acquiring it in 2006. “The asset provided an ideal mix of contractual cash flow plus medium-term capital appreciation in one of the most resilient submarkets in New York,” said Ledesma.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Sale/Acquisition
