Michael Shvo, Serdar Bilgili, and BVK have secured a $545 million loan from Goldman Sachs and Bank of America to refinance the Coca-Cola building at 711 Fifth Avenue, TRD reported. The partners paid $937 million for the office and retail property in September.
- Financing details: The new loan covers 90 percent of the $700 million in existing debt from JPMorgan on the building. At the time of the acquisition, BVK paid off $100 million, and subsequently poured an additional $55 million to cover the difference.
- Dig Deeper: The retail component (40K SF) once occupied by Ralph Lauren and Breguet now sits vacant; however, both companies’ leases are on the sublet market and expire in 2029. Ralph Lauren’s lease pays the owner $27.5 million for the next five years and increases to $30 million for the following five. Office tenants at the property include Allen & Co. and Sandler Management.