Deerfield Management borrows $405M in recorded debt from Blackstone and LoanCore Capital for property in Flatiron

The healthcare-focused investment management firm Deerfield Management through the entity 345 PAS Holding LLC as borrower signed a loan agreement with lender Blackstone and LoanCore Capital through the entity LoanCore Capital Credit REIT LLC valued at $405.0 million for 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6) at 345 Park Avenue South in Flatiron. The deal closed on September 5, 2019 and was recorded on September 23, 2019.
The property contains a total of 244,157 square feet of built space.
The average loan per buildable square foot is $1,249.
Although $405 million in debt was recorded in property records, the entire debt package was $540 million, with CBRE’s James Millon, Tom Traynor and P.J. Finley, brokering the package, the Commercial Observer reported.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on January 31, 2013.
Over the past five years, there have been 41 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $4,886,344. There were 40 renovation/alteration projects (A2) applied for with a total estimated value of $11,762,000.
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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