NEW YORK CITY—Cushman & Wakefield's equity, debt & structured finance team has been retained by the State Teachers Retirement System of Ohio to arrange up to a $650 million mortgage secured by 590 Madison Ave., in the Plaza District. The loan-to-value ratio is anticipated to be less than 45% LTV with a lender basis, per square foot, below estimated land value.
The refinancing proceeds will retire $350 million of fixed-rate financing that Cushman & Wakefield had arranged in January 2007.
Formerly known as the IBM Building, the 42-story building contains more than one million square feet of rentable area, including 39 floors of office space, retail on the ground floor, lower level and mezzanine level, and a 78-car private, tenant-only, reserved parking garage. Major tenants include IBM, Crowell & Moring, Aspen Insurance, and Morgan Stanley Smith Barney.
A Cushman & Wakefield team of Steve Kohn, Alex Hernandez, Chris Moyer and Alex Lapidus are representing STRS Ohio.
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