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JPMorgan Chase Leads $950M Refi on Midtown Tower Owned by Vornado and Trump
JPMorgan Chase is leading a $950-million refinancing on 1290 Ave. of the Americas, a 2.1-million-square-foot Midtown Manhattan office tower, according to a Kroll Bond Rating Agency report. The tower is owned in a 70/30 partnership between Vornado Realty Trust and former president Donald Trump.
The financing is being securitized in a single-borrower CMBS deal, NYO 2021-1290. The floating rate loan has an initial two-year term with five, one-year extension options and requires monthly interest-only payments based on one-month LIBOR, KBRA reported.
As of this month, the 43-story tower was 98% leased to 25 tenants inclusive of recent leasing, KBRA reported. The five largest tenants at 1290 Sixth Ave. include Axa Equitable Life Insurance, Neuberger Berman, Cushman & Wakefield, Venable LLP and Hachette Book Group, which together account for 66.6% of total base rent.
Citigroup, Goldman Sachs and Bank of Montreal are also participating in the financing, according to KBRA.
- ◦Financing
