$100M CMBS for 345 Park Ave S
RFR's Mark Weiss (snapped this afternoon) tells us his firm spent defeasance costs on the $75M of existing debt on 345 Park Ave S in order to execute a new $100M CMBS loan from Citibank, just as it did to score its recent $1B refi of the Seagram Building. It was worth it, he says, considering concern that interest rates will rise. Mark says CMBS makes sense for a single-tenant building (Digitas occupies the 245k SF of office at 345 park Ave S through 2021). And the loan goes until 2023, meaning RFR has a cushion between lease and loan expirations to re-tenant if need be.