June 29, 2016
CBRE’s Capital Markets’ Debt & Structured Finance team has arranged $250 million in financing for the acquisition of 693 Fifth Avenue, a 20-story, 96,500-square-foot Class A retail and boutique office building in Manhattan.
CBRE’s Shawn Rosenthal and Jason Gaccione arranged for the 10-year, fixed-rate loan from JPMorgan Chase bank. The team worked on behalf of French buyer Fimalac to secure the acquisition. Fimalac paid $527 million to Thor Equities for ownership of the boutique office tower.
“The financing markets truly embraced this trophy building, its Fifth Avenue location, and the strong overseas buyer and their commitment to the asset,” Rosenthal said. “We were able to effectively cover the broad financing markets, and within a 30-day period, deliver the buyer a long-term financing solution at a historically low interest rate.”