Bank of China Provides $600M Refinance for L&L’s 200 Fifth Avenue
Bank of China led a trio of global lenders in providing a $600 million package to L&L Holding Company to refinance 200 Fifth Avenue and an adjacent parcel at 23 West 23rd Street in NoMad, according to records filed today with the New York City Department of Finance.
The lender provided a $200 million gap mortgage in the deal, which closed on Nov. 26. Sources familiar with the transaction told Commercial Observer that German-based financiers Helaba and Deka Immobilien contributed to the financing with Bank of China; the source would not disclose the amount of debt provided by each party.
The property—located between West 23rd Street and West 24th Streets in NoMad—was built in 1909 and renovated in 2012. The asset stands 14-stories-tall and comprises roughly 850,000 square feet. Tenants at the location include Grey Advertising and Tiffany & Company as well as an Eataly outpost, according to information from L&L.
Officials at Bank of China could not immediately be reached. A spokeswoman for L&L did not immediately respond to a request for comment on the deal.