The Durst Organization has secured $1.1 billion in debt to refinance office properties at 1133 Sixth Avenue and 114 West 47th Street.
The 10-year, fixed-rate, interest-only CMBS loans came from Bank of America, Citigroup and Wells Fargo, according to the Commercial Observer. They retire $800 million of debt provided by Citi and Ladder Capital on the two office buildings as well as cover closing costs.
The properties are situated near Bryant Park. The 26-story 114 West 47th Street is 660,000 square feet and was built in 1989. The 47-story, 1.1 million-square-foot Sixth Avenue building opened in 1970.
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As of February, the properties are about 95 percent leased to 45 tenants, more than half of whom are investment-grade or credit-worthy. Durst has put about $69.3 million into the Sixth Avenue property and $23.3 million into the West 47th Street building over the past decade, Commercial Observer reported.
Durst has sued Amazon over a scuttled lease deal at the Sixth Avenue property, seeking $21 million in damages after it kept 310,000 square feet vacant for Amazon and made modifications, only to see Amazon lease from Vornado Realty Trust elsewhere.
[CO] — Sasha Jones