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National Commercial Real Estate

Citigroup Gears Up For $300M CMBS Deal On 24-Story Office Space

Citigroup is set to put up a $300M CMBS loan for Haymes Investment’s 24-story office property at New York's 5 Penn Plaza—pushed by the ever-increasing CMBS maturity wave.

The deal will refinance a $203M CMBS loan coming from JP Morgan Chase in April 2007.

The JP Morgan loan’s sponsor was set to defease on the loan last year, leaving Haymes to replace the loan with US Treasuries, but undisclosed reasons kept Haymes on the CMBS market.

The 5 Penn Plaza property features 656k SF of retail and office space, 98.5% leased in total. The new CMBS deal was worked on by brokers Jon Estreich and Christopher Barnet of Estreich & Co. [CO]

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