RFR Seals $1.1B Refi for 375 Park Avenue
By Mark Hallum December 18, 2023 5:50 pm
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RFR Holding’s Aby Rosen has secured a $1.1 billion refinancing for the firm’s Seagram Building at 375 Park Avenue, Commercial Observer has learned.
The recapitalization replaces the property’s $789 million senior commercial mortgage-backed securities loan and includes between $350 million and 360 million in fresh equity from JVP Management, a company run by Anthony Shaskus, which is also the mezzanine lender, according to a source with knowledge of the deal.
The asset’s original senior loan was closed in 2013 through Citigroup (C) and then extended in May to facilitate more time for refinancing negotiations amid the difficult capital markets environment, according to property records and the source.
Eastdil Secured negotiated the refinance on behalf of RFR Holding, sources said, but declined to comment. RFR did not immediately respond to a request for comment.
Shaskus and JVP Management could not be reached for comment.
In mid-2023 it was announced that private equity firm Clayton Dubilier & Rice would leave its 70,000 square feet in the Seagram Building in favor of 144,000 square feet at 550 Madison Avenue, a property owned by the Olayan Group.
Alternative investment firm Blue Owl Capital leased 137,660 square feet in September 2022.
Mark Hallum can be reached at mhallum@commercialobserver.com.
