Beacon Capital cuts debt at 575 Fifth for second time in two years to $301M

Beacon Capital Partners through the entity The Building At 575 Fifth Office Owner LLC as borrower signed a loan agreement with lender TPG Real Estate Finance valued at $300.8 million for 1 parcel, including the tax class commercial condominium unit (R5) at 575 Fifth Avenue in Grand Central. The deal closed on August 12, 2020 and was recorded on August 21, 2020.
The property contains a total of 371,374 square feet of built space.
The average loan per buildable square foot is $752.
Beacon Capital Partners has an ownership stake in the office condominium unit of the building. The other three units are owned by MetLife. TPG reduced the total amount of the debt secured by the building by 7.9 million or 2.6 percent, from $308.8 million it provided last August to the new level of $300.8 million. That in turn was reduced from the $321 million Deutsche Bank provided Beacon in 2015 to buy its stake in the office condo unit.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on August 9, 2012.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link