Deutsche Bank provided the CMBS debt
Oxford Properties Group has closed on the acquisition of the rental and commercial portions of 1065 Second Avenue (57th Street) from World Wide Group and Rose Associates for $277.5 million. Deutsche Bank provided a $180 million CMBS loan to finance the deal, according to the CO.
Financing Details: The CMBS loan has a term of 10 years. It will be fixed-rate and interest only.
Dig Deeper: The deal is for the leasehold interest in 169 luxury rental units (161,715 SF), plus the commercial spaces that are leased to Bank of America (32,000 SF), and Whole Foods (34,000).
Quotable: Source close to the deal: “The project marks Oxford’s first true multifamily project with 100 percent ownership interest in the U.S., and its first foray into the multifamily market here… Over the next five years, Oxford’s going to have 5,000 units under management.”