Bank of China took the $120 million senior portion of a $220 million refinancing on a nearly complete Chicago office building, where Google will soon make its nest, a broker who eyed the deal told Mortgage Observer.
Mesa West Capital originated the five-year, floating-rate debt. The loan to local developer Sterling Bay replaces about $150 million on the former cold storage warehousing facility, now known as 1K Fulton, and will fund additional costs on the building’s conversion.
A partnership between Tribeca Associates and Meadow Partners has acquired a long-term leasehold interest in the 30-story Bush Tower in Midtown Manhattan from American Properties. Terms of the deal, financed by Mesa West Capital, were not disclosed.
“We are delighted to have acquired the leasehold interest in the property with its proximity to Bryant Park and its adjacency to some of the finest office product in Midtown including 1 Bryant Park, 1095 Avenue of the Americas and 4 Times Square,” said Elliott Ingerman, principal of Tribeca Associates, in a prepared statement. “We will be able to offer boutique-size tenants a full-floor presence in one of the most desired locations in Midtown and at the crossroads of all major public transportation.”
For CBRE’s Keith Braddish and Mark Fisher—the two elder statesmen in the firm’s capital markets debt and equity finance division—the more fractured lending environment that has arisen out of the collapse of the CMBS market and the concurrent economic malaise has meant the opportunity to dazzle and shine.