A $98.8 million CMBS loan on 390 Park Avenue, owned by RFR Holding, has been sent to special servicing with the note facing imminent maturity default, according to a Trepp report based on recent servicer data. CWCapital Asset Management is listed as the special servicer.
The news comes despite the fact that the 234,240-square-foot building known as Lever House is 96 percent occupied with its debt service coverage ratio at 1.33x, the property’s latest financials show.
AXA Equitable Life Insurance Company provided $85 million in financing to RFR Holding for its acquisition and repositioning of the Holiday Inn Soho at 138 Lafayette Street, public records show.
The debt is divided into a $70 million “acquisition loan,” a $6 million “project loan” and a $9 million “building loan,” according to the loan documents.
Art in Real Estate
RFR Holding has bought the Holiday Inn Soho from Procaccianti Group for $89.7 million, property records indicate.
RFR, run by Aby Rosen, bought the property at 138 Lafayette Street on July 30 and it appeared in public records today.
A New York State Supreme Court Judge on Friday at least temporarily blocked Aby Rosen’s plans to remove Pablo Picasso’s “Le Tricorne” from the Four Seasons.
Mr. Rosen’s RFR Holding, owner of the Seagram Building, which holds the Four Seasons, planned to take the century-old painting down to repair a limestone wall behind it, reportedly referred to Read More
285 Madison Avenue, the building that experienced a fatal elevator failure last year, has been sold.
Y&R, the prominent advertising agency and owners of the building, has decided to sell it to RFR Holding in a partnership with an unnamed real estate investment fund.
Two two, RFR and the investment fund, will perform a $50 million capital improvement program that Read More