**Durst Secures $1.3B CMBS Refi for One Five One Tower in Times Square**
The Durst Organization has successfully secured a $1.3 billion CMBS refinancing for One Five One, its iconic 1.8-million-square-foot Class A office tower located at 151 West 42nd Street in Times Square. The refinancing deal stands as one of Manhattan’s largest year-to-date.
The interest-only, fixed-rate loan carries an interest rate of 5.865% and matures in 2030. The financing is based on an estimated property valuation of approximately $2.3 billion, reflecting a competitive loan-to-value ratio.
Wells Fargo Bank, JPMorgan Chase, and Bank of America served as co-originators of the loan.
Legal counsel for the transaction was provided by Rosenberg & Estis, P.C., with members Gary M. Rosenberg, Eric S. Orenstein, and David B. Horn, along with counsel Zachary M. Rockoff and Zina S. Lyakhovetsky, advising Durst on all aspects of the complex transaction. Financial advisory services were provided by Chatham Financial.
“This financing underscores the enduring strength of premier office assets in core Manhattan markets and reflects Durst’s ongoing commitment to long-term asset value,” said Gary M. Rosenberg. “We are honored to advise Durst in this milestone transaction and proud to have helped navigate the legal complexities associated with a multi-lender CMBS execution of this scale.”
