April 2, 2019 Comments Off on Syndicated Loan Provides Permanent Financing on Durst’s 855 Sixth Views: 369 Downtown New York, New York News

Syndicated Loan Provides Permanent Financing on Durst’s 855 Sixth

Capital One  served as administrative agent for a $120-million loan to the Durst Organization to provide permanent financing for a Class A office condominium at 855 Ave. of the Americas in Midtown South, three years after the 47-story, mixed-use tower opened its doors.

The five-floor, 150,000-square-foot condo is leased to Nike USA. Capital One will hold $50 million of the loan and has syndicated the remainder.

“This transaction highlights our appetite for low-leveraged core office asset financings,” said Capital One VP Jonathan Smith, who closed the 10-year loan. “In this case, the fact that we have an exceptional sponsor for a property in the growing Penn Plaza submarket makes it even more attractive.”

Capital One was a party to the original construction financing when Durst launched development on the property in 2014. Known as Eos, 855 Sixth Ave. contains a mix of office, rental apartments and retail.

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