NEW YORK CITY—Cushman & Wakefield's equity,debt & structured finance team has been retained by theState Teachers Retirement System of Ohio toarrange up to a $650 million mortgage secured by 590 Madison Ave.,in the Plaza District. The loan-to-value ratio is anticipated to beless than 45% LTV with a lender basis, per square foot, belowestimated land value.
The refinancing proceeds will retire $350 million of fixed-ratefinancing that Cushman & Wakefield had arranged in January2007.
Formerly known as the IBM Building, the42-story building contains more than one million square feet ofrentable area, including 39 floors of office space, retail on theground floor, lower level and mezzanine level, and a 78-carprivate, tenant-only, reserved parking garage. Major tenantsinclude IBM, Crowell & Moring, AspenInsurance, and Morgan Stanley SmithBarney.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
