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Durst Refis Times Square Office Tower with $1.3B CMBS Loan
The Durst Organization secured a $1.3-billion CMBS refinancing for One Five One, its 1.8-million-square-foot Class A office tower located at 151 W. 42nd St. in Times Square. Wells Fargo Bank, JPMorgan Chase and Bank of America served as co-originators of the loan, among the largest in Manhattan year to date.
The interest-only, fixed-rate loan matures in 2030 with an interest rate of 5.865%. The financing reflects a loan-to-value ratio based on an estimated property valuation of approximately $2.3 billion.
Rosenberg & Estis, P.C. members Gary M. Rosenberg, Eric S. Orenstein and David B. Horn and counsel Zachary M. Rockoff and Zina S. Lyakhovetsky advised Durst on all legal aspects of the transaction. Financial advice was provided by Chatham Financial.
“This financing underscores the enduring strength of premier office assets in core Manhattan markets and reflects Durst’s ongoing commitment to long-term asset value,” said Rosenberg. “We are honored to advise Durst in this milestone transaction and proud to have helped navigate the legal complexities associated with a multi-lender CMBS execution of this scale.”
- ◦Financing
