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MetLife Building Poised for $1.5B Securitized Refi
Continuing a recent flurry of 10-figure Manhattan office securitizations, Bank of America and Wells Fargo once again will lead the refinancing of the MetLife Building at 200 Park Ave., according to published reports. The three-million-square-foot office property was last refinanced for $1.4 billion in 2015.
The $1.5-billion refi on behalf of the Irvine Company, which assumed sole ownership of the iconic Midtown Manhattan tower last summer, is expected to come in at a 6.25% interest rate, compared to 3.6% a decade ago. The interest-only, fixed-rate loan has a 10-year term.
Kroll Bond Rating Agency (KBRA) assigned preliminary ratings to four classes of the single-borrower IRV 2025-200P CMBS. KBRA said its analysis yielded a net cash flow of $134.1 million for the property, 18.4% below the issuer’s NCF, and a KBRA value of approximately $1.91 billion, which is 25.5% below the appraiser’s as-is value.
- ◦Financing
