Jun
11
Manhattan’s GM Building Lands $2.3B Refi
ByBoston Properties has completed a $2.3 billion refinancing of the 50-story, 2 million-square-foot trophy tower. The financing includes interest-only payments and matures in 2027.
Boston Properties, which owns 60 percent of the General Motors Building at 767 Fifth Ave. in Manhattan, said its consolidated joint venture entity has completed a $2.3 billion refinancing of the 50-story, 2 million-square-foot trophy tower that replaces $1.6 billion in debt that was maturing in October.
The REIT did not identify the sources of the refinancing, only describing it as a group of lenders during the firm’s late April first-quarter 2017 earnings call with analysts. At that time, CFO Michael LaBelle called it “the most significant financing that we plan to complete this year.”…
