The recently-completed New York office tower at 425 Park Avenue has been refinanced with a $911m (β¬849m) five-year floating-rate loan, according to developer L&L Holding Company.
The 47-storey building in Midtown Manhattan was completed in 2022 in conjunction with developer Tokyu Land US Corporation and real estate fund manager BGO.
The refinancing, led by Sumitomo Mitsui Trust Bank, will be used to pay off a $911m loan, which was provided in 2021 by Blackstone Real Estate Debt Strategies to fund final construction and leasing.
The tower is 90% leased, primarily to finance and investment firms. Multinational hedge fund and financial services company Citadel is the buildingβs anchor tenant, occupying 440,000sqft across 22 floors.
βThis massive loan package demonstrates the lending marketβs continued capacity and appetite to finance ultra-premium, highly-amenitised and well-located office towers owned and operated by first-rate sponsors,β said L&L Holding president and CIO Rob Lapidus.
βWe greatly appreciate the support of Tokyu Land US Corporation and BGO along with Sumitomo Mitsui Trustβs faith in our stewardship of 425 Park Avenue,β he added.
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