Aareal Capital Corp & Credit Agricole Provide $500M Loan For 1.45M SF Office Building In Midtown Manhattan

Aareal Capital Corp and Credit Agricole have led a group of banks in providing $500m in financing against the 1.45 million-square-foot office building located at 919 Third Ave. in Midtown Manhattan. The loan was arranged by CBRE and has a three-year term. It carries a rate pegged to SOFR plus 250 basis points and has been swapped into a fixed 6.11 percent coupon.

Summary of transaction details

• Property Type: Office
• Transaction Amount: $500,000,000
• Address: 919 Third Avenue
• Market: Midtown Manhattan
• Asset Type: Office
• Square Footage: 1,450,000 SF

The financing for the office building at 919 Third Ave. in Midtown Manhattan was provided by Aareal Capital Corp and Credit Agricole, along with a group of other banks. CBRE acted as the arranger for the loan. The building is a 1.45 million-square-foot office property located in the vibrant Midtown Manhattan market. The loan has a three-year term and carries a rate pegged to SOFR plus 250 basis points, which has been swapped into a fixed 6.11 percent coupon. James Millon, Tom Traynor, and Mark Finan from CBRE represented the interests of the parties involved in the transaction as brokers.