Durst refinances office-tower debt with $1.1B deal
The Durst Organization is marketing $1.1 billion in commercial mortgage-backed securities to refinance office buildings at 1133 Sixth Ave. and 114 W. 47th St. in Midtown Investors were being shopped top-rated securities Monday with yields that could range 98 to 99 basis points over a swap-spread benchmark for 10-year paper. That compares to an 80-basis point range for similar pre-Covid single-asset deals for office buildings in February 2020. A junk-rated tranche might have as much as a 335 basis point spread over benchmark, compared with 240 on a similar pre-Covid deal, according to data compiled by Bloomberg. The offering is…
Date 2021-04-12
Author Adam Tempkin and Charles Williams
Waterfront residential tower, public park proposed along Delaware River
As plans take shape for a massive redevelopment of the Delaware River waterfront, one of the biggest players in that long-term initiative is proposing a 26-story tower and a public park along Columbus Boulevard Details of the project were revealed Friday by The Durst Organization, the New York-based developer selected last year by the Delaware River Waterfront Corp. to lead a $2.2 billion transformation of Penn's Landing. The new tower and park are not part of the multi-phase Penn's Landing development, but form a piece of a larger effort to breathe new life into the riverfront corridor. The Durst Organization…
Date 2021-04-12
Author Michael Tanenbaum
Apartment project by future Penn’s Landing developer Durst moves forward north of Ben Franklin Bridge
The Durst Organization, the New York company selected last year to redevelop Penn’s Landing, is nearing final land-use approvals for a nearby 26-story apartment building that would be its first Philadelphia project Durst submitted project plans on Thursday to Philadelphia’s Civic Design Review board, which offers nonbinding suggestions on the city’s biggest development projects. Durst’s project would rise at a longtime parking lot beside the waterfront north of the Benjamin Franklin Bridge. The building will have 360 apartments, with 10,000 square feet of shops and restaurants and a 116-space parking garage on its lower floors, the company said. Because the…
Date 2021-04-08
Author Jacob Adelman
Durst refinances two Midtown buildings with $1.1B CMBS loan
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. As of February,…
Date 2021-04-08
Author Sasha Jones
Durst Organization Nabs $1.1B Refinance on 2 Manhattan Office Towers
The Durst Organization has secured about $1.1 billion in debt to refinance its Midtown Manhattan office properties at 1133 Avenue of the Americas and 114 West 47th Street, according to analysis from Fitch Ratings The 10-year, fixed-rate and interest-only, commercial mortgage-backed securities (CMBS) loan was originated by Bank of America, Citigroup and Wells Fargo, and is secured by Durst’s fee simple interests in the two office towers — one of which has caught headlines in the last several months, due to a more than five-year-long legal dispute between the landlord and Amazon over a scuttled lease agreement at the property,…
Date 2021-04-07
Author Mack Burke