Manhattan office market scored big CMBS deals in October
Lenders poured billions into Manhattan office towers in October, originating almost $4 billion in CMBS debt. Five office towers landed the month’s largest financing deals, led by a pair of trophy towers owned by Brookfield Properties. Both loans — for 5 Manhattan West at Hudson Yards and 660 Fifth Avenue in Midtown — cleared the billion-dollar mark. Lenders leaned heavily on trophy assets with strong tenancy, recent renovations and deep-pocketed owners. Other deals ranged from CMBS loans backing Class A towers to an owner-originated loan that helped facilitate a major Midtown acquisition. Here are more details. Manhattan West windfall | […]
This article originally appeared on The Real Deal. Click here to read the full story.
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