### RFR Completes $1.2B CMBS Refi of Seagram Building
In one of the largest successful recapitalizations of the year, RFR has finalized a $1.2-billion securitization to refinance debt tied to the iconic Seagram Building at 375 Park Avenue in Midtown Manhattan. The proceeds from the commercial mortgage-backed securities (CMBS) will be used to repay existing debt on the property, including a mezzanine loan from JVP Management, according to an announcement from RFR.
The Seagram Building deal is one of three recent refinancing transactions completed by RFR. The company also secured a three-year loan extension to refinance 17 State Street in Lower Manhattan and recapitalized 475 Fifth Avenue, a prestigious office building facing Bryant Park. The latter refinance was facilitated through an equity recapitalization and a new $160-million, three-year mortgage from Citibank, JPMorgan, and Rithm Capital.
“We are steadfast in our deep commitment to our portfolio and look forward to new achievements and opportunities as the market continues to strengthen,” said RFR co-founder Aby Rosen.
