Bank of America and Deutsche Bank have secured a $675 million loan to refinance 520 Madison Avenue in New York City, according to Trepp, which cites Commercial Mortgage Alert. The new loan will be used for a single-asset CMBS deal.
Anchored by investment bank Jefferies & Company, which occupies 35 percent of the building, the 43-story Plaza District high-rise on Madison Ave between 53rd and 54th Streets backs a $475 million loan sponsored by principals of Tishman Speyer Properties, Henry Crown & Company and Two Rock Realty Associates, L.P.
“The $475 million loan is still outstanding as of May rolling data,” said a Trepp spokesperson, who predicted the loan would show as defeased in the June data with the new $675M single asset CMBS loan used to pay off the existing note.
The property delivered in 1982 with a total rentable area of 1,044,975 square feet, according to Tishman Speyer’s website. The asset was listed as 91 percent occupied at the end of 2013, according to Trepp, which says it posted a Debt Service Coverage Ratio (DSCR) of 1.94x.
Trepp says the property was appraised for $1.1 billion in 2006.