Bank of America and Wells Fargo provided the debt
Thor Equities and General Growth Properties (GGP) have secured $325 million from Bank of America and Wells Fargo to refinance 685 Fifth Avenue. The office and retail building is located between East 53rd and East 54th Street.
Financing Breakdown: Bank of America provided a $225 million loan for the retail condo, while Wells Fargo provided a $100 million loan for the office component. The two loans replace a $340 million mortgage on the entire property from Deutsche Bank in May 2017, according to CO.
Dig Deeper: The retail space spans the first three floors and is fully leased to Coach, Stuart Weitzman, and Tag Heuer. Each pays around $4,000 per square foot. The office portion of the building spans 109,000 SF.
Worth Noting: GGP agreed to a buyout deal from Brookfield Property Partnersfor $9.25 billion in March. As of the end of 2017, Brookfield already owned 34 percent of the REIT. The deal is expected to close before year’s end.
Flashback: Thor + GGP paid $460 million for the property in June 2014. Ownership put the property on the market last August for $500 million, but failed to find a buyer.