HFF Arranges $272 Million Financing for the Ground Lease Position of The Lipstick Building in Midtown Manhattan
April 10 2017 - 4:21PM
Business Wire
Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has
arranged $272 million in first mortgage financing for the ground
lease position of 885 Third Avenue, also known as The Lipstick
Building, a 635,000-square-foot, trophy office tower in Midtown
Manhattan.
HFF worked on behalf of the fee owner, a joint venture between
Ceruzzi Holdings LLC and SMI USA, to place the four-year,
fixed-rate loan with Zurich-based Credit Suisse through its U.S.
subsidiary, Column Financial, Inc. Loan proceeds will be used to
retire the existing loan and cover closing costs. HFF previously
advised on the sale of the building’s fee position to the borrower
in 2016.
Nicknamed for its unique elliptical profile, The Lipstick
Building has been a New York City icon since its development in
1986. Designed by architect Philip Johnson, the 34-story building
stands out from other quadrilateral towers and appears as if its
three layers could retract telescopically, making it one of the
most recognizable structures in New York.
HFF’s debt placement team was led by managing director
Christopher Peck and senior managing director David Nackoul.
“This transaction is further evidence as to the strength of the
debt capital markets when financing trophy-quality real estate for
trophy-caliber borrowers,” Peck said. “Not only was pricing
incredibly strong, but Credit Suisse’s process was exceptional,
closing a complex transaction within a very tight timeframe.”
About Ceruzzi Holdings
LLC
Ceruzzi Holdings LLC (Ceruzzi) is a New York City-based,
full-service company, which develops, acquires and operates a
diversified portfolio of mainly real estate properties. Ceruzzi
leverages its 25+ year track record of acquisition, development and
structuring to create unique opportunities that deliver outsized
returns. Recent Ceruzzi projects in New York City include the
acquisition of the majority position of land beneath the Lipstick
Building and 138 East 50th Street, a Cesar Pelli designed luxury
condominium project. The company’s real estate professionals
specialize in numerous disciplines, including construction,
entitlements, leasing, marketing, management and finance.
About HFF
Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and
HFF Securities Limited (collectively, “HFFS”) are owned by HFF,
Inc. (NYSE: HF). HFF operates out of 24 offices and is a leading
provider of commercial real estate and capital markets services to
the global commercial real estate industry. HFF, together with its
affiliates, offers clients a fully integrated capital markets
platform including debt placement, investment sales, equity
placement, funds marketing, M&A and corporate advisory, loan
sales and loan servicing. For more information please visit
hfflp.com or follow HFF on Twitter @HFF.
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version on businesswire.com: http://www.businesswire.com/news/home/20170410006190/en/
HFFDAVID NACKOUL, (412) 281-8714HFF Senior
Managing Directordnackoul@hfflp.comorCHRISTOPHER PECK, (212)
245-2425HFF Managing Directorcpeck@hfflp.comorKRISTEN
MURPHY, (617) 338-0990HFF Director, Public
Relationskrmurphy@hfflp.com
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