NYC’s Lipstick Building Lands $272M in Financing
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A joint venture between Ceruzzi Holdings LLC and SMI USA has received $272 million in first mortgage financing for the ground lease position of 885 Third Ave., known to New Yorkers as the Lipstick Building, a 635,000-square-foot, trophy office tower in Midtown Manhattan.
HFF arranged the four-year, fixed-rate loan with Zurich-based Credit Suisse through its U.S. subsidiary, Column Financial Inc.
“This transaction is further evidence as to the strength of the debt capital markets when financing trophy-quality real estate for trophy-caliber borrowers,” Christopher Peck, HFF’s managing director, said in a prepared release. “Not only was pricing incredibly strong, but Credit Suisse’s process was exceptional, closing a complex transaction within a very tight timeframe.”…
