Soloviev Group has completed a $1.8 billion refinancing of 9 W. 57th St., a prominent Class A office tower known as a top-tier asset in the Midtown office market. Bank of America is serving as the lead lender on the transaction, which the parties describe as a significant capital markets execution for the property. The building has been characterized as a trophy office tower that has reportedly set a new ceiling for office rents, underscoring its positioning at the upper end of the leasing market.
According to information cited from S&P Global, the new financing is structured as an interest-only, fixed-rate commercial mortgage loan that is scheduled to mature in June 2031. This structure locks in the debt service profile for the term of the loan, while the interest-only component preserves cash flow flexibility for the ownership. As part of the refinancing, Soloviev Group executed an index hedge, which the company says has meaningfully reduced the effective interest rate on the loan and is expected to support the asset’s long-term performance.
Soloviev Group noted that the transaction reflects the building’s exceptional quality and the strength of tenant demand. The tower has been described as continuing to outperform at the top of the market, suggesting that leasing fundamentals at the property remain robust despite broader headwinds in the office sector. The property is a 50-story office tower totaling approximately 1.7 million square feet, positioning it among the larger office assets in its market.
Looking ahead, Soloviev Group expects that, upon stabilization, 9 W. 57th St. could reach a market valuation of approximately $3.9 billion. While specific leasing metrics and occupancy levels were not disclosed, the stated valuation target highlights the scale of the asset and the sponsor’s expectations for long-term value. The combination of a large fixed-rate loan, interest-only structure, and interest-rate hedging provides a clear framework for the property’s capital stack through 2031.
In commenting on the deal, Stefan Soloviev, chairman of Soloviev Group, described the refinancing as a validation of the strength of 9 W. 57th St. and of the collaboration among the lending group. Bank of America led the financing, with Wells Fargo and Citibank participating as secondary lead lenders. The involvement of multiple major banks underscores the depth of lender interest in the property and the willingness of large institutions to extend significant credit to what is characterized as a top-performing, Class A office tower.
