Jeff Sutton’s Wharton Properties + Brookfield have secured an $807.5 million loan from Apollo Global Management to refinance the retail condo at the Crown Building (AKA 730 Fifth Avenue), according to the CO.
- Financing details: The new mortgage replaces $720 million in previous debt, and carries an interest rate between 3 to 3.5 percent, TRD noted.
- Tenants include… Bulgari, Piaget, Mikimoto, and Ermenegildo Zegna. The retail condo spans 92,000 SF, and sits at the southwest corner of 57th Street and Fifth Avenue
- Flashback: Wharton + GGP acquired the 390,000 SF building from Spitzer Enterprises for $1.8 billion in 2015. That deal was financed by a $1.3 billion loan from a Deutsche Bank-led syndicate as well as $250 million in mezz debt. Wharton + GGP subsequently sold the upper 20 floors to Vladislav Doronin + Michael Shvofor $475 million. GGP was later acquired by Brookfield.