Empire State Realty Trust ($ESRT) has secured $180 million in CMBS debt from Morgan Stanley to recapitalize its office property at 250 West 57th Street and secure some liquidity. The 10-year, interest only loan carries an interest at a rate of 2.83 percent. Morgan Stanley’s LTV ratio of 54.5 percent indicates that the lender values the property at just under $330 million, according to CO.
- Property details: The 26-story office tower spans roughly 544,000 SF, and as of August was 79.7 percent leased out to 42 tenants. The building has about 67,000 SF of ground-floor and multi-level retail space mostly used by retailer TJ Maxx.