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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.
- ◦Financing