Jun
06
ING Finances Sony Building Purchase
ByThe new owner of the 37-story tower in Manhattan’s Plaza District is looking to add value by rebranding, renovating and reconfiguring the existing space.
Sony Building, 550 Madison Ave.
New York—ING Capital LLC has originated a $570 million bridge loan in connection with the acquisition by Olayan America, the U.S. investment arm of Saudi Arabia’s Olayan Group, of 550 Madison Ave. in Manhattan. The short-term loan is secured by a first mortgage on the skyscraper, which was known for much of its existence as the Sony Building.
“ING committed the bridge facility very quickly at attractive terms so that this deal could conclude within a very tight time frame,” Nadim Tabbara, the Olayan Group’s CFO, said in a prepared statement…
