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Sumitomo Mitsui Trust Bank Provides $911M Refinancing For 425 Park Avenue Office
FINANCED
$911,000,000
New York
See Similar DealsOffice
Financed 04/11/2024
FINANCED
Sumitomo Mitsui Trust Bank Provides $911M Refinancing For 425 Park Avenue Office
425 Park Avenue
See Similar DealsOffice
Financed 04/11/2024
Summary
NEW YORK
Asset Type:Office
Transaction Type:Loan
A new skyscraper on Manhattan's Park Avenue, anchored by Ken Griffin's Citadel, has secured a $911 million refinancing deal, led by Sumitomo Mitsui Trust Bank. The property, located at 425 Park Avenue in Manhattan, is owned by David Levinson of L&L Holding Company.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $911,000,000
- Market: Manhattan
- Lender: Sumitomo Mitsui Trust Bank
- Landlord: David Levinson - L&L Holding Company
Two key figures central to the deal are Ken Griffin, the owner of Citadel, and David Levinson, representing L&L Holding Company as the landlord. The financing was provided by Sumitomo Mitsui Trust Bank, further solidifying the partnership between the parties involved in this significant transaction.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$911,000,000.00
Monthly NOI$6,073,333.33
Monthly Debt Service$5,758,139.69
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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