Soloviev Group and lead lender Bank of America announced the $1.8-billion refinancing of 9 W. 57th St., the trophy Midtown office tower that reportedly set a new ceiling for rents. The interest-only, fixed-rate commercial mortgage loan matures in June 2031, according to S&P Global.
The transaction reflects the Class A building’s exceptional quality, strong tenant demand and continued outperformance at the top of the market, according to Soloviev Group. As part of the execution, Soloviev Group hedged the index, significantly reducing the effective interest rate and further enhancing the property’s long-term performance. Upon stabilization, the 50-story, 1.7-million-square-foot tower is expected to achieve a market valuation of $3.9 billion.
Stefan Soloviev, chairman of Soloviev Group said, “This refinancing is a clear validation of the strength of 9 W. 57th St. and the collaborative success of lead lender Bank of America, and secondary leads Wells Fargo and Citibank.”
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