Overview
- Soloviev Group said Thursday it arranged a $1.8 billion, five-year CMBS refinance for 9 West 57th Street led by Bank of America with Wells Fargo and Citi.
- S&P Global says the financing will retire a $1.2 billion mortgage due this year with closing expected May 27.
- About $526 million of proceeds will go back to owner Stefan Soloviev after $40 million in closing costs and $34 million in landlord obligations, according to S&P Global.
- The company reports an effective 4.97% interest rate after hedging, while S&P estimates the new debt near 5%.
- Occupancy has climbed to about 92% after $53 million in upgrades, and recent leasing includes a 10-year deal the firm says averages $340 per square foot.