6<\/p>\n
NEW YORK CITY \u2014\u00a0Soloviev Group has received a $1.8 billion CMBS loan to refinance 9 West 57th Street, a 1.7 million-square-foot office tower located in Manhattan\u2019s Plaza District. Bank of America, along with Wells Fargo and Citi Real Estate Funding, provided the loan, which carries a 4.9 percent interest rate.<\/p>\n
Proceeds of the five-year loan will retire a previous 10-year, $1.2 billion loan issued by JPMorgan Chase in 2016, with more than $500 million returning to Soloviev.<\/p>\n
\u201cThis 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,\u201d says Stefan Soloviev, chairman of Soloviev Group.<\/p>\n
Soloviev Group\u2019s 50-story flagship trophy tower, known as the Solow Building, is expected to achieve a market valuation of $3.9 billion upon stabilization, according to Soloviev Group.<\/p>\n
Designed by Skidmore, Owings & Merrill and delivered in 1974, the building recently underwent capital improvements to the lobby, elevators and building system technology. Ownership has \u00a0also introduced a new 20,000-square foot amenity floor, that includes Central Park views, conference rooms, multi-functional meeting space, a grab-and-go coffee bar, executive dining and a hospitality area.<\/p>\n
The property\u2019s long-term tenants include Apollo Global Management, CHANEL, Loews Corp., Qatar Investment Authority, Coatue, Veritas and Standard Industries. The U.S. Soccer Federation, Hess Group, Beaconlight Capital and Platinum Equity, as well as Mousse Partners, Tikehau Capital, Jain Capital and PointState Capital, are among the more recent additions to the tenant roster.<\/p>\n
Additionally, 9 West 57th Street is home to private equity investment firm HBeyond, which signed a 10-year lease averaging $340 per rentable square foot for the 5,063-square-foot space, marking one of the highest recorded rates in the New York City commercial sector, according to Soloviev Group.<\/p>\n
\u2014\u00a0Abby Cox<\/p>\n","protected":false},"excerpt":{"rendered":"6 NEW YORK CITY \u2014\u00a0Soloviev Group has received a $1.8 billion CMBS loan to refinance 9 West 57th…\n","protected":false},"author":2,"featured_media":224698,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[75,84,83,9,24,63],"class_list":["post-224697","post","type-post","status-publish","format-standard","has-post-thumbnail","category-manhattan","tag-manhattan","tag-manhattan-headlines","tag-manhattan-news","tag-new-york","tag-new-york-city","tag-nyc"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/224697","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=224697"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/224697\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/224698"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=224697"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=224697"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=224697"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}