$1.2B CMBS to Refinance Seagram Building Debt
Real estate investment firm RFR Holding is finalizing a $1.2 billion commercial mortgage-backed security (CMBS) to refinance debt on the iconic Seagram Building in Manhattan.
The CMBS comprises seven tranches, with the highest rated AAA by Kroll Bond Rating Agency and Fitch Ratings. Pricing is expected to finalize next week.
The Seagram Building, designed by Ludwig Mies van der Rohe, has been valued at $1.825 billion, according to an appraisal by Newmark. Key tenants include Blue Owl, Centerbridge Partners, TIAA of America, Advent International, and Arbor Realty Trust.
RFR and Morgan Stanley, the lead bank on the deal, have declined to comment. Eastdil Secured is advising RFR on the refinancing.
This CMBS transaction follows recent refinancings of Rockefeller Center and the Spiral office tower, indicating strong investor interest in landmark New York City properties.