Morgan Stanley & Bank Of America Provide $407.5M Refinance Loan To RXR Realty And Partners
450 Lexington Avenue
$407,500,000
$428/SF
Building Size
950,824 SF
Asset Type
Office
Closing
Feb 12, 2026
About this deal
AI
The asset involved in this transaction is an office building located at 450 Lexington Avenue in Manhattan, comprising a total square footage of 950,824. The loan amount secured for this refinancing is $407,500,000.
Summary of transation details:
- Property Type: Office
- Transaction Amount: $407,500,000
- Lender: Morgan Stanley & Bank of America
- Landlord: RXR Realty, JP Morgan Asset Management & PSP Investments
- Brokers: Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly, Sean Reimer, Jordan Casella, Michael Brown, Christopher de Raet & Jack Krentzman - Walker & Dunlop
- Loan Type: Refinance
The deal involved several key individuals and firms, with the brokerage representation handled by Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly, Sean Reimer, Jordan Casella, Michael Brown, Christopher de Raet, and Jack Krentzman from Walker & Dunlop, who played a role in facilitating the transaction between the lender and the landlords.
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
0.04%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93