Soloviev’s Billionaires’ Row refi tops May’s biggest loans

A blockbuster Billionaires’ Row office refinancing led May’s largest loans as lenders also placed big bets on office-to-residential conversions, logistics and other well-located Manhattan office properties. The month’s five biggest deals totaled more than $3.1 billion as borrowers tapped lenders for everything from refinancings to construction and acquisition debt. The biggest transaction was the $1.8 billion CMBS refinancing of the Soloviev Group’s 9 West 57th Street, on the heels of a record-breaking lease in the trophy office tower. Meanwhile, Apollo Global Management backed one of the city’s largest office conversions with a $420 million construction loan for RXR’s 61 Broadway. […]

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