Silverstein Recaps 1177 Avenue of the Americas
By Guelda Voien December 10, 2014 5:38 pm
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Silverstein Properties recapitalized Midtown office property 1177 Avenue of the Americas, taking a $360 million loan from Deutsche Bank (DB) and CCRE, records filed with the city yesterday show.
A spokesperson for the Silverstein confirmed the deal, but declined to comment on the interest rate. Prior reports say that the developer was set to nab a “sub 3 percent,” rate, however.
The 47-story Class A tower boasts white shoe law firm Kramer Levin Naftalis & Frankel LLP as a major tenant. Located between 45th and 46th streets, recently reported asking rents in the building are $80 per square foot.
Silverstein began the hunt for the loan this January, according to Commercial Mortgage Alert, initially aiming for $400 million.
Silverstein bought the building in 2008 in partnership with a California state employees’ pension fund and a $700 million note from Helaba Bank, which beat out Deutsche in that deal, according to a report at the time from CMA. The pair paid just over $1 billion for the building, according to city records.
