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Tishman Speyer Secures $385M Refinancing for 300 Park Avenue
Tishman Speyer has completed a $385 million refinancing of 300 Park Avenue, its fully leased Class A office tower located in Midtown Manhattan’s prestigious Plaza District.
The refinancing includes a $330 million commercial mortgage-backed securities (CMBS) loan with a fixed interest rate of 5.44%. JPMorgan Chase led the financing, with Deutsche Bank Securities and Morgan Stanley acting as co-lenders. Additionally, Tishman Speyer secured $55 million in mezzanine financing from Macquarie Capital Principal Finance.
The proceeds from the refinancing will be used to pay off the existing loan on the property.
“Our refinancing of 300 Park Ave. is the culmination of a strategic process that positions the tower for continued success well into the future,” said Randall Rothschild, Senior Managing Director at Tishman Speyer.
This transaction marks another significant milestone in Tishman Speyer’s ongoing refinancing strategy. Over the past nine months alone, the firm has secured more than $7 billion in refinancing for its marquee New York City office properties. This effort began in October with a $3.5 billion CMBS loan for its Rockefeller Center campus, the largest CMBS deal ever for a single office asset.
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