Joseph A. Corrente Of CommonWealth Partners Secures $780M Refinance Loan From CalPERS For Office Asset

The asset involved in this transaction is an office property located at 787 7th Avenue in the Midtown West neighborhood of Manhattan. The property has secured a refinance loan totaling $780,000,000 from the California Public Employees’ Retirement System, replacing prior CMBS debt of the same amount held by Comm 2016-787S and serviced by Trimont.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $780,000,000
• Lender: California Public Employees’ Retirement System
• Landlord: Joseph A. Corrente - CommonWealth Partners
• Loan Type: Refinance
• Address: 787 7th Avenue
• Market: Midtown West, Manhattan

CommonWealth Partners, through FSP 787 Seventh LLC, is the entity that secured the refinance loan, enabling them to manage their existing debt obligations effectively while maintaining ownership of the property.