Beacon Capital Partners obtained financing of $309M from TPG Real Estate Finance Trust

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 Trust through the entity Tpg Re Finance 23, Ltd. valued at $308.8 million for 1 parcel, including the tax class commercial condominium unit (R5) at 575 5 Avenue in Grand Central. The deal closed on August 21, 2019 and was recorded on August 28, 2019.
The property contains a total of 371,374 square feet of built space.
The average loan per buildable square foot is $831.

The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on August 09, 2012.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.

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