NEW YORK, Nov. 18, 2016 /PRNewswire/ -- ING Capital
LLC ("ING"), as Administrative
Agent, has led the refinancing of a $570
million senior mortgage loan secured by 550 Madison Avenue
in New York City for Olayan
America, the US investment arm of The Olayan Group. ING was joined
in the financing for the trophy property by Bank of East Asia New
York Branch, Credit Agricole Corporate and Investment Bank,
Société Générale, and Natixis Real Estate Capital LLC as
Co-Lead Arrangers and Co-Lead Bookrunners.
The loan is secured by a first mortgage on the property, an
iconic skyscraper known most recently as the Sony Building. The
37-story building in the Plaza District of Manhattan has 852,830 square feet of rentable
mixed-use space. The building features approximately 776,000 square
feet of office space, prime retail frontage on Madison Avenue, and
exhibition and museum space.
"The lending group has provided us with financing that gives us
the time and flexibility we need to maximize the building's value,"
said Nadim Tabbara, Chief Financial
Officer of The Olayan Group.
Olayan and asset manager Chelsfield intend to rebrand the
property and create value by renovating and reconfiguring the
existing space.
"ING is pleased to have earlier this year been the sole lender
on the bridge loan for the acquisition of the property and,
together with our co-lenders, is now further committed to financing
the asset's repositioning," said Craig
Bender, Managing Director and Head of US Real Estate Finance
at ING. "We are proud to have led this financing for one of
our longstanding global clients and look forward to seeing how
Olayan and Chelsfield maximize the property's value."
Construction of the building was completed in 1984 as the global
headquarters of AT&T. It has been sold on just two
previous occasions – to Sony Corporation in 2002 and in 2013 to the
Chetrit Group, the immediate past owner.
Press enquiries
Elaine
Clark
+1646-424-7021
Elaine.Clark@ing.com
About ING CAPITAL LLC
ING Capital LLC is a financial
services firm offering a full array of wholesale financial lending
products and advisory services to its corporate and institutional
clients. ING Capital LLC is an indirect U.S. subsidiary of ING Bank
NV, and a part of ING Group (NYSE: ING), a global financial
institution of Dutch origin. The purpose of ING Bank is empowering
people to stay a step ahead in life and in business.
About The Olayan Group
Founded in 1947, The Olayan
Group is a private, multinational enterprise that is a major
international investor as well as a diversified commercial business
in the Middle East. The Group's
investment arm for the Americas is Olayan America, based in
New York, where the Group has had
a continuous presence for 45 years. Olayan also has offices in
London, Luxembourg, Vienna, Athens, and Riyadh.
About Chelsfield
Chelsfield, in various
forms, has been investing in and developing real estate for more
than 30 years. As a leading real estate company and asset manager
focused on investment and development in central London, Paris, and key global gateway cities,
including New York, Chelsfield's
track record is demonstrable with £6.2 billion of transactions
undertaken since 2005.
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SOURCE ING Capital LLC