Goldman, Deutsche Bank and Morgan Stanley Lend $760M on Olympic Tower
By Cathy Cunningham May 3, 2017 5:53 pm
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Crown Acquisitions has nabbed a $760 million refinancing for the commercial portion of the Olympic Tower plus three surrounding Midtown properties, according to property records filed with the city this afternoon.
The debt was provided by a trio of lenders: Goldman Sachs, Deutsche Bank and Morgan Stanley. The loan consolidates a $250 million Deutsche Bank loan on the building from March 2012 and a $510 million new mortgage provided by the threesome.
The financing covers the Olympic Tower’s retail and office condos, located at 641 Fifth Avenue between East 51st and East 52nd Streets, and the neighboring seven-story office building at 10 East 52nd Street and two retail properties at 647 Fifth Avenue and 649 Fifth Avenue.
Crown Acquisitions and Oxford Properties Group acquired a 49 percent stake in the retail and office base of the Olympic Tower for $420 million in 2012 and then purchased the remainder of the property in May 2015 for $652 million, buying out entities related to the Onassis Foundation, The New York Post previously reported.
As previously reported by Commercial Observer, the National Basketball Association occupies 175,000 square feet in the 419,000-square-foot tower and extended its lease through 2035 in October last year.
Officials at Crown Acquisitions declined to comment.
