AIG Refinances Deerfield’s 345 Park Avenue South With $440M Loan

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Deerfield has refinanced its life sciences innovation campus at 345 Park Avenue South, Commercial Observer has learned. 

AIG provided the $440 million, 15-year loan in its entirety, sources said, and the deal closed April 22. 

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CBRE’s James Millon, Tom Traynor and P.J. Finley negotiated the debt — the same team that arranged the $540 million Blackstone loan for the property’s acquisition and conversion from office to life sciences use in September 2019. Finley recently joined North Bridge as a vice president. 

The 12-story, 300,000-square-foot block-front building sits between East 25th and East 26th streets, steps away from Madison Square Park

Deerfield purchased the building from Aby Rosen’s RFR Holding in May 2019 for roughly $525 million, and utilizes a portion of the space as its headquarters today. The investment firm engaged Gensler to lead the property’s redesign and conversion into a vertical life sciences campus, now known as CURE, comprising 11 floors of lab-ready space.

Allowing for either individual or collaborative tenant work, the building includes wet labs, dry labs, workplace zones, rooftop multipurpose space and an educational facility.

Upland restaurant and Bank of America are the building’s retail tenants on the ground floor. 

CBRE and AIG officials declined to comment. Deerfield didn’t immediately return a request for comment. 

Cathy Cunningham can be reached at ccunningham@commercialobserver.com