CBRE Capital Markets’ Debt & Structured Finance team has arranged $250 million in financing for the acquisition of 693 Fifth Avenue, a 20-story, 96,500-square-foot Class A retail and boutique office building in Manhattan.
Shawn Rosenthal, Executive Vice President, and Jason Gaccione, Senior Vice President, of CBRE’s Midtown Manhattan office worked on behalf of an affiliate of Fimalac, a Paris, France-based holding company with diverse holdings around the world, to secure the acquisition loan. The 10-year fixed-rate loan was funded by JP Morgan Chase Bank, NA. Fimalac’s acquisition was advised by Savitt Partners who will also retain management and leasing.
According to Mr. Rosenthal, “The financing markets truly embraced this trophy building, its prime Fifth Avenue location, and the strong overseas buyer and their commitment to the asset. We were able to quickly and effectively cover the broad financing markets, including balance sheet and CMBS lenders, and within a short 30 day period, deliver the buyer a long term financing solution at a historically low interest rate.“
693 Fifth Avenue is situated along the east side of Fifth Avenue, between 54th and 55th Streets. The asset—originally built as the Takashimaya department store—was recently redesigned by the renowned architect David Chipperfield and redeveloped by Thor Equities. The redevelopment features a spectacular eight-story glass and steel façade, a dramatic black and white marble lobby, and entirely new building systems. The asset is anchored by fashion retailer Valentino’s U.S. flagship store.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
