Banking Consortium Provides $1.3B CMBS Refinance on Manhattan’s Grace Building
November 5, 2020
BY: MACK BURKE | Commercial Observer
Bank of America, JPMorgan Chase, Credit Suisse and Deutsche Bank have combined to originate $1.25 billion in debt to a joint venture led by Brookfield Property Partners and The Swig Company to refinance the Grace Building, an iconic, curved, 49-story office property that borders Bryant Park in Midtown Manhattan, according to ratings agency analysis of the transaction.
The 10-year, interest-only loan pays interest at a fixed-rate of 2.75 percent, according to analysis from Kroll Bond Rating Agency (KBRA). It retires $900 million in existing commercial mortgage-backed securities (CMBS) debt that had been provided by Deutsche Bank in 2014.