Soloviev Group’s 9 West 57th Street Seals $1.8B CMBS Refi from Bank of America

On the heels of touting a “record-setting lease deal” at 9 West 57th Street, Soloviev Group has secured the year’s largest New York City commercial mortgage-backed securities (CMBS) loan for its flagship tower.

The development firm, led by Stefan Soloviev, announced late Thursday it had landed a $1.8 billion CMBS refinance for the 50-story office building. The loan, led by Bank of America, closed five weeks after a holding company of Mexican billionaire Gonzalo Hevia Baillères inked a 10-year lease for 5,063 square feet on the property’s 50th floor with a record rent of $327.50 per square foot.

Soloviev said the refi, which is slated to enter the CMBS market in late May, reflects the building’s strong tenant demand of late with a valuation of $2.9 billion expected upon the property’s stabilization. The firm assumed ownership of the 1.7 million square-foot tower in 2020 and boosted occupancy to 89.9 percent as of year-end 2025, up from 72.6 percent at purchase, according to an S&P Global Ratings presale report.

“This refinancing is a clear validation of the strength of 9 West 57th Street and the collaborative success of lead lender Bank of America, and secondary leads Wells Fargo and Citibank,” Soloviev said in a statement. 

The interest rate for the new debt at 9 West 57th Street is 5 percent, according to S&P. 

The Midtown Manhattan building, which is two blocks south of Central Park, has landed notable leases in recent years following property upgrades. Tenants include HBeyond, the U.S. Soccer Federation, Hess Group, Beaconlight Capital and Platinum Equity. 

Bank of America did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.