Tishman Speyer Secures $385M Refinancing for 300 Park Avenue
Tishman Speyer has announced the successful refinancing of 300 Park Avenue, a fully leased Class A office tower located in Midtown Manhattan’s prestigious Plaza District. The total refinancing package amounts to $385 million.
The centerpiece of the refinancing is a $330 million commercial mortgage-backed securities (CMBS) loan featuring a fixed interest rate of 5.44%. JPMorgan Chase led the financing, with Deutsche Bank Securities and Morgan Stanley serving as co-lenders.
In conjunction with the CMBS loan, Tishman Speyer also closed on $55 million in mezzanine financing provided by Macquarie Capital Principal Finance. The proceeds from the refinancing will be used to pay off the property’s existing debt.
“Our refinancing of 300 Park Avenue is the culmination of a strategic process that positions the tower for continued success well into the future,” said Randall Rothschild, Senior Managing Director at Tishman Speyer.
This refinancing marks the continuation of a successful capital strategy for Tishman Speyer, which has now secured more than $7 billion in refinancing across its marquee New York City office portfolio over the past nine months. This effort began in October with a record-setting $3.5 billion CMBS loan for the company’s Rockefeller Center campus—the largest CMBS issuance for a single office asset to date.
