NEW YORK CITY-PBC USA Real Estate LLC said late Monday afternoon that it had secured a $400-million loan from JP Morgan Chase to refinance 452 Fifth Ave., the 30-story office tower it acquired in a $330-million sale-leaseback from HSBC in April 2010. Shawn Rosenthal of Ackman Ziff arranged the refi, which consists of a $300-million, 10-year senior loan and $100 million of mezzanine debt. The long-term loan is non-recourse, five years interest only with a blended interest rate of 5.04%.

Although HSBC leased the entire 865,000-square-foot tower for a year following the sale, PBC USA then embarked on a repositioning and re-tenanting at 452 Fifth. Phase one of a $22-million makeover, which included a redeveloped lobby and entrance, was completed in 2011.

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