Durst refinances Midtown office towers with $ 1.1 billion CMBS loan
The Durst Organization has secured $ 1.1 billion in debt to refinance the office buildings at 1133 Sixth Avenue and 114 West 47th Street.
According to the Commercial Observer, the 10-year fixed-rate, interest-only CMBS loans came from Bank of America, Citigroup and Wells Fargo. They are withdrawing $ 800 million in debt provided by Citi and Ladder Capital on the two office buildings and covering closing costs.
The properties are located near Bryant Park. The 26-story 114 West 47th Street is 660,000 square feet and was built in 1989. The 47-story, 1.1 million square foot Sixth Avenue building opened in 1970.
In February, properties are approximately 95% leased to 45 tenants, more than half of whom are good quality or creditworthy. Durst has invested around $ 69.3 million in the Sixth Avenue property and $ 23.3 million in the West 47th Street building over the past decade, Commercial Observer reported.
Durst sued Amazon for a rental contract scuttled on the Sixth Avenue property, seeking $ 21 million in damages after keeping 310,000 square feet vacant for Amazon and making changes, only to see Amazon’s lease from Vornado Realty Trust elsewhere.
[CO] – Sasha Jones