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SHVO Group’s 711 Fifth Deal Scores $545M Loan
JLL Capital Markets secured $545 million in debt to finance 711 Fifth Ave. in New York on behalf of the development group led by SHVO, including Deutsche Finance America and BLG Capital. The financing was led by Goldman Sachs.
SHVO and its partners were represented by JLL’s Michael Tepedino, David Sitt, Robert Tonnessen, Kristen Knapp and Sophie Gaylor. The ownership group, which has also partnered on six other acquisitions in Manhattan, Miami Beach and Beverly Hills over the past 18 months, plans a value-add program.
The 18-story, 340,024-square-foot 711 Fifth was built in 1927 as the original headquarters of NBC. More recently, it was known as the Coca-Cola Building. The SHVO group paid $937 million for the property last year, a month after Nightingale Properties acquired the Fifth Avenue landmark for $908 million.
Wachtel Missry’s Morris Missry served as legal advisor on this and the SHVO group’s other acquisitions.
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