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HNA Group lands Refi for 850 Third Avenue

Trio of lenders provided the debt

850 Third Avenue (Credit: MHP)

HNA Group, in partnership with MHP and ATCO, have secured $342 million from Natixis, Paramount Group, and Harbor Group International to refinance 850 Third Avenue. The partnership paid $436 million for the 617,000 SF Midtown office tower in 2016. 

Financing package: Natixis provided a $242 million senior loan, and Paramount and Harbor lent $100 million in mezzanine financing. Paramount provided $75 million; Harbor Group gave the remaining $25 million. The short-term, floating-rate loan replaces $238 million in acquisition financing provided by Morgan Stanley, according to CO and TRD.

China angle: HNA has been one of the most active foreign players, pumping in $45 billion in global investments in the last three years. With more than $100 billion in debt, HNA is looking to divest some of their assets. The troubled Chinese conglomerate has long been rumored to consider selling this property.

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