RXR Refinances Times Square Office Building With $1.3B Loan From Morgan Stanley And Apollo Global Management Inc
5 Times Square, New York City, New York 10036, United States
$1,300,000,000
$1,150/SF
Building Size
1,130,000 SF
Asset Type
Office
Closing
Sep 5, 2022
AI
The office property located at 5 Times Square in Times Square has undergone a refinancing transaction. The loan for this transaction was provided by Morgan Stanley, Apollo Global Management Inc., and American International Group Inc. The total loan amount for the refinancing was $1,300,000,000. The landlord in this deal is RXR, represented by Scott Rechler.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $1,300,000,000
The key individuals and companies involved in this transaction are Morgan Stanley, Apollo Global Management Inc., American International Group Inc., RXR, and Scott Rechler. The loan was provided by Morgan Stanley, Apollo Global Management Inc., and American International Group Inc. as part of the refinancing deal. RXR, represented by Scott Rechler, acted as the landlord in this transaction.
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