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Empire State Realty Trust lands Refi at 250 West 57th Street

250 West 57th Street (Credit: Google Maps)

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. 
  • Financing details: The property was previously unencumbered by any debt, so the REIT landed $164.8 million in equity in the deal. The remaining loan proceeds will go toward paid reserves ($8.9 million) and closing costs ($6.3 million). [CO+REW]

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