Seagram Building Serves Up $1B Refi

NEW YORK CITY-The ownership of the iconic Seagram Building at 375 Park Ave. is obtaining a loan of nearly $1 billion to refinance the property, according to published reports. Following up on a Commercial Mortgage Alert story that appeared this past Friday, Crain’s New York Business on Thursday reported that Citibank and Deutsche Bank were providing RFR Realty with the refi, part of which would be used to defease $290.6 million of CMBS debt on the 38-story office tower. A spokeswoman for Deutsche Bank declines comment.

The two banks plan to securitize portions of the loan with the Seagram Building as the sole collateral, according to Crain’s. Trepp reported earlier this week that the current CMBS debt on 375 Park represents the largest slice of CSFB 2005-C5, at 12.1% of the collateral.