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New York & Tri-State  + Midtown New York  + Finance  | 

RFR Completes $1.2B CMBS Refi of Seagram Building

In one of the largest successful recapitalizations of the year, RFR has finalized a $1.2-billion securitization to help refinance debt tied to the Seagram Building at 375 Park Ave. in Midtown Manhattan. Proceeds from the CMBS will be used to repay debt that RFR had taken out against the property, including a mezzanine loan from JVP Management, RFR announced.

The Seagram Building deal is one of three refis that RFR has closed recently. The company also secured a three-year loan extension to refinance 17 State St. in Lower Manhattan and recapitalized 475 Fifth Ave., a trophy office building facing Bryant Park, with an equity recapitalization and a new $160-million, three-year mortgage from Citibank, JPMorgan and Rithm Capital.

“We are steadfast in our deep commitment to our portfolio and look forward to new achievements and opportunities as the market continues to strengthen,” said RFR cofounder Aby Rosen.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing