Tishman Speyer on Monday announced a $385-million refinancing of 300 Park Ave., its fully leased Class A office tower in Midtown Manhattan’s Plaza District. A $330-million CMBS loan with a fixed interest rate of 5.44% was led by JPMorgan Chase with Deutsche Bank Securities and Morgan Stanley serving as co-lenders.
Concurrently, Tishman Speyer closed on $55 million in mezzanine financing with Macquarie Capital Principal Finance. Proceeds from the refinancing will be used to pay off 300 Park’s existing loan.
“Our refinancing of 300 Park Ave. is the culmination of a strategic process that positions the tower for continued success well into the future,” said Tishman Speyer senior managing director Randall Rothschild. The owner/developer has now secured more than $7 billion in refinancings on its marquee New York City office properties over the past nine months, starting last October with a $3.5-billion CMBS loan for its Rockefeller Center campus, the largest CMBS issuance ever for a single office asset.
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