A partnership between Tishman Speyer and Silverstein Properties tapped Bank of America for a $330 million refinancing of debt on 11 West 42nd Street, a Class A New York office building. Newmark arranged the financing.
The bank originated a five-year, fixed-rate loan on the property, with Taconic Capital providing additional mezzanine debt. Proceeds will be used to retire an existing loan and to fund the costs of the property’s existing leasing program. Additional details about the financing, including leverage and pricing, were not disclosed by the firms.
Randall Rothschild, a senior managing director and global head of debt at Tishman Speyer, said the loan shows the commercial real estate capital markets are open for office buildings with strong sponsors and solid tenant relationships.
Over the past two years, the partners have completed more than 321,000 square feet of new leases and lease expansions. This has brought the total occupancy of the 32-story, 960,000-square-foot tower to 99 percent. The 1929-vintage property also has a Studio co-working location and additional amenities.