Vanbarton reels in $352M refi for nearly full Grand Central office tower
Vanbarton Group landed a fresh nine-figure loan for its nearly full Midtown office tower. Goldman Sachs provided a $352 million loan for 425 Lexington Avenue, a 31-story, 747,000-square-foot Class A office building next to Grand Central Terminal, according to property records. A source with knowledge of the deal said the single-property CMBS deal was pre-placed entirely with BlackRock. The debt replaces a $290 million loan from New York Life Insurance Company and Northwestern Mutual. It was first reported by PincusCo. The floating-rate, interest-only loan has an initial two-year term with three one-year extension options. Proceeds will retire the existing debt, […]
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