RFR Holding Secures $1.2B Loan From JPMorgan Chase And Citibank For 375 Park Avenue Office
375 Park Avenue
$1,200,000,000
$1,413/SF
Building Size
849,014 SF
Asset Type
Office
Closing
Feb 27, 2025
About this deal
AI
The asset involved in this transaction is an office building located at 375 Park Avenue in Midtown East, Manhattan. The property encompasses a total square footage of 849,014 and is under the ownership of RFR Holding.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $1,200,000,000
- Lender: JPMorgan Chase & Co; Citibank
- Landlord: Michael Fuchs & Aby Rosen - RFR Holding
- Brokers: Grant Frankel, Rob Turner, Ethan Pond & Drew Ahlers - Eastdil Secured
- Prior Debt: $789,000,000
This transaction was facilitated by brokers Grant Frankel, Rob Turner, Ethan Pond, and Drew Ahlers, representing Eastdil Secured, who assisted RFR Holding in securing the senior loan from JPMorgan Chase and Citibank.
On the Map
$1,200,000,000
$1,413/SF
Office
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Players
New York Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.01%
Cash-on-Cash
-0.00%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93