Silverstein Properties has secured a $165 million loan from Wells Fargo, JP Morgan Chase, and Citigroup to refinance its office building at 120 Wall Street in FiDi, CO first reported. The 10-year, interest-only CMBS financing carries a rate of 3.2 percent.
- Financing details: The new loan retired about $135 million in existing debt, funded upfront reserves + closing costs, and returned roughly $20.8 million of equity to Silverstein. The lenders’ valued the asset at $285 million, indicating a loan-to-value of just under 58 percent.
- Property details: The 35-story office has been owned by Silverstein since 1980 via a ground lease with the Empire State Development Corporation that expires in 2032. Silverstein has deployed around $11 million since 2012 to improve the 668,000-square-foot property, CO noted.
- Be Smart: The office is over 95 percent occupied, and the largest tenant is a subsidiary of Accenture Interactive, which has leased about 132,000 SF through May 2029. No other tenant occupies more than 8.2 percent of space. Its average in-place rent is $41 per SF, which is about $23 below the appraised estimated market rent. [CO]