Hypo provides $175m loan for Macklowe affiliate.Hypo Real Estate The Hypo Real Estate Holding AG (ISIN: DE0008027707) is based in Munich, Germany and comprises three banks:
In a deal that took less than four weeks to close Hypo Real Estate Capital Corporation provided the partnership with a floating rate loan to refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. the existing debt on 2 Grand Central Tower, a 44-story, 637,000 s/f tower, located half a block from Grand Central Terminal. The two-year loan is pegged to a spread over Libor. The distinctive office building at 2 Grand Central tower has enjoyed a rapid leasing program under the supervision of ownership and its leasing agent, Cushman & Wakefield. The building has been successfully repositioned in the marketplace and most of the half-million square feet of offices vacated last September by JP Morgan Chase were quickly leased by a Cushman & Wakefield leasing team headed by Mitchell Konsker and Paul Amrich. Recent lease signings at the building include the executive offices of the U.S. Mission (77,000 sf), Meister & Selig & Fein (20,250 sf), Storch Ammi & Munves (15,750 sf), BBR BBR Bureau of Business Research BBR Broadbandreports.com (website) BBR Bending Beam Rheometer BBR Burnt Beyond Repair BBR Black Body Radiation (quantum physics) BBR Baby Back Ribs BBR Back Bone Ring Partners (15,750 sf), KBC Bank KBC Bank NV is a Belgian universal bank, focusing on private clients and small and medium-sized enterprises. Besides retail banking, insurance and asset management activities (in collaboration with sister companies KBC Insurance NV and KBC Asset Management NV), KBC Bank also (15,000 sf), Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. Foothill (7,500 sf) and K Street Capital (7,000 sf). One of the key elements that aided the building's successful repositioning repositioning Laparoscopic surgery The changing of a Pt's position during a procedure to improve access or visualization of the operative field, which may be linked to complications, as it changes anatomic planes of operation. Cf Laparoscopic surgery. was that ownership anticipated the Chase move-out and completed a major $10 million renovation and refurbishing program in 2001 from plans by architect Moed Armas & Shannon. The modernization included an extensive upgrading of the lobby and plaza areas, as well, as bringing advanced security and other high-tech infrastructure into the building. New York-based Cooper Horowitz represented the Macklowe partnership in this loan transaction, making this the second collaborative effort between Hypo Real Estate Capital Corporation and Macklowe Properties. The first was a mezzanine financing Mezzanine Financing A hybrid of debt and equity financing. Mezzanine financing is typically used to finance the expansion of existing companies, and it is basically debt capital that gives the lender the rights to convert to an ownership or equity interest in the company if the initiative for the Macklowe acquisition of the GM Building late last year. |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion