Aby Rosen’s billion-dollar debt bill on the Seagram Building, his 860K SF office property on Park Avenue, has reportedly been extended.

The loan was due to mature this week — the largest maturing CMBS office loan in New York City this year — but Rosen's RFR was able to secure a multiyear extension, The Real Deal reports. Midland Loan Servicing and Wells Fargo are the special servicer and the master lender, respectively, on the $783M securitized portion of the debt, per the publication.

RFR spent $25M revamping the property, including building a 34K SF amenity space underneath the building, which RFR dubbed The Playground. While Wells Fargo left a large vacancy in the building when it moved to Hudson Yards, Rosen's firm has largely filled that space, with 14 leases signed in 2021. The building's website says a 273K SF block is available in the 38-story building.

The loan on 375 Park Ave. has been closely watched as a barometer of the state of the financing market, as $16B in CMBS loans backed by New York City commercial real estate are set to mature this year. The volume of debt maturing in 2023 is 30% higher than last year, according to Trepp.

Last month, Tishman Speyer put a $485M loan on its office property down the street at 300 Park Ave. in the hands of a special servicer after the landlord opted to get ahead of its upcoming maturity.

RFR had been seeking a $1.1B refinancing package, but its inability to find a deal, necessitating an extension, reflects the challenges for borrowers with maturing debt this year.

Sebastian Post, Lionheart Strategic Management’s managing director and co-head of investments, said at a Bisnow event earlier this year that some lenders will force borrowers to sell their properties to satisfy loans.

“We don't want the keys back on any of our deals," he said. "It's challenging. You're going to require a paydown. Maybe there’s another business plan, maybe there's not."