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ANOTHER MAJOR REFI

Announced yesterday, PBC USA Real Estate has nabbed a $400M loan from JPMorgan Chase to refi the 865k SF, Class-A 452 Fifth Ave.
The financing follows a successful $22M repositioning and leasing campaign; the property is now 92% leased to tenants like HSBC (the North American HQ) and Baker & McKenzie. PBC bought the property in April ’10 for $330M and now will market the top three floors. Congrats to Ackman-Ziff’s Shawn Rosenthal, who arranged the 10-year refi—a $300M senior loan and $100M in mezz debt.

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