Vanbarton Group has secured a $240 million loan package from Blackstone to refinance its mixed-use building at 980 Sixth Avenue. The 24-story building spans 400,000 SF, and contains 320 residential units, several floors of office space (WeWork), and a retail component.
- Financing details: The financing is comprised of: a $212 million senior loan note, a $15.5 million building-loan note, and a $12.4 million project-loan note, TRD noted. It appears to replace $205 million in acquisition financing provided by Brookfield.
- Flashback: Vanbarton paid $316 million for the property in 2018.