April 14, 2017
China’s HNA Group secured a $1.75-billion acquisition loan for 245 Park Ave. in New York’s Midtown Manhattan. The financing arrived via a J.P. Morgan-led consortium of investors that includes Deutsche Bank, Barclays, Natixis and Societe Generale.
J.P. Morgan provided the biggest portion of the 10-year loan, at 25%. The balance was split between the other lenders, at undetermined shares. The new loan replaces a 10-year, $800-million mortgage originated in 2010 from Bank of China.
HNA Group, and an unnamed partner, are acquiring the 1.7-million-square-foot, 45-story tower for $2.21 billion from Toronto-based Brookfield Property Partners and the New York State Teachers’ Retirement System.
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