The Seagram Constructing got here on-line in 1958 and underwent renovations in 2013. Picture courtesy of CommercialEdge
RFR Realty has obtained $1.1 billion for the Seagram Constructing in Midtown Manhattan, as first reported by the Industrial Observer. The refinancing deal included between $350 million and $360 million in fairness from JVP Administration, which additionally acted because the mezzanine lender. Eastdil Secured represented RFR within the transaction.
The present recapitalization replaces the earlier $1.1 billion debt obtained in 2013. The financing package deal included a $783 million senior business mortgage-backed securities mortgage, which had a maturity date set for 2024, along with $217 million in mezzanine loans and $100 million in most well-liked fairness, in response to The Actual Deal.
RFR acquired the property in 2000, when the corporate bought a majority stake for $375 million, CommercialEdge information exhibits. Within the following years, RFR purchased extra shares within the asset, gaining full possession in 2013, when it closed on a remaining 14 % stake.
A mid-century high-rise
The Seagram Constructing got here on-line in 1958 and underwent beauty renovations in 2013. Architects Ludwig Mies van der Rohe and Philip Johnson designed the tower at 375 Park Ave. The 38-story, Class A high-rise encompasses 891,998 sq. toes. The constructing has 17 passenger elevators, floorplates between 15,000 and 32,000 sq. toes, 27,000 sq. toes of retail house and 150 automotive parking spots.
Amongst its vary of facilities, the property includes a convention middle, a terrace lounge, a health middle, a playground and eating places. The constructing’s tenant roster contains Fiera Capital, Centerbridge Companions, Blue Owl Capital and Investindustrial, amongst others. Earlier this yr, sovereign wealth fund Temasek Worldwide signed a 26,062-square-foot lease renewal and growth on the property. At the moment, the constructing was 95 % leased.
As of October, Manhattan’s emptiness price stood at 17.4 %, marking a 280-basis-point improve on an annual foundation. Nonetheless, the worth was decrease than the nationwide price, which clocked in at 17.8 %, a latest CommercialEdge report exhibits.
