{"id":1004710118,"date":"2024-04-11T09:08:42","date_gmt":"2024-04-11T17:08:42","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004710118"},"modified":"2024-04-16T08:07:06","modified_gmt":"2024-04-16T16:07:06","slug":"ll-holding-lands-911m-refi-for-manhattan-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ll-holding-lands-911m-refi-for-manhattan-tower\/","title":{"rendered":"L&amp;L Holding Lands $911M Refi for Manhattan Tower"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure class=\"alignright size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"768\" data-attachment-id=\"1004609025\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/ll-holding-jv-wraps-up-47-story-office-project-in-manhattan\/425-park-image-courtesy-of-alan-schindler\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/10\/425-Park.-Image-courtesy-of-Alan-Schindler.jpeg\" data-orig-size=\"1024,768\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"425 Park\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;425 Park Avenue. Image courtesy of Alan Schindler&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/10\/425-Park.-Image-courtesy-of-Alan-Schindler.jpeg?w=1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/10\/425-Park.-Image-courtesy-of-Alan-Schindler.jpeg?w=1024\" alt=\"425 Park\" class=\"wp-image-1004609025\" style=\"width:334px;height:auto\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/10\/425-Park.-Image-courtesy-of-Alan-Schindler.jpeg 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/10\/425-Park.-Image-courtesy-of-Alan-Schindler.jpeg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/10\/425-Park.-Image-courtesy-of-Alan-Schindler.jpeg?resize=768,576 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">425 Park Ave. Image courtesy of Alan Schindler<\/figcaption><\/figure><\/div>\n\n\n<p>In one of the largest deals of its kind this year, L&amp;L Holding Co. has secured $911 million to refinance 425 Park Ave., its 47-story Manhattan office tower. Sumitomo Mitsui Trust Bank was the lender for the property.<\/p>\n\n\n\n<p>The five-year floating-rate financing will retire a 2021 loan of the same price, which funded some of the property&#8217;s construction and leasing costs. CommercialEdge data shows that the Blackstone Group provided the earlier financing.<\/p>\n\n\n\n<p>Located in Manhattan&#8217;s Plaza District, 425 Park Ave. was designed to LEED and Well Core Gold standards and <a href=\"https:\/\/www.commercialsearch.com\/news\/ll-holding-jv-wraps-up-47-story-office-project-in-manhattan\/\">completed in 2022.<\/a> Currently 90 percent occupied, the 670,000-square-foot tower is <a href=\"https:\/\/www.commercialsearch.com\/news\/ll-lands-a-big-one-at-manhattans-425-park-avenue\/\" target=\"_blank\" rel=\"noreferrer noopener\">anchored by Citadel<\/a> with a 440,000-square-foot lease. Other tenants include Kee Casting, Keller Williams and Hellman &amp; Friedman, according to CommercialEdge.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-key-features-of-425-park\">Key features of 425 Park <\/h2>\n\n\n\n<p>Developed by a partnership of L&amp;L Holding and Tokyu Land US Corp. and co-managing partner BGO, the tower was designed by Foster + Partners. The <a href=\"https:\/\/www.commercialsearch.com\/news\/ll-holding-jv-wraps-up-47-story-office-project-in-manhattan\/\">full-block building<\/a> features a meditation center, outdoor terraces with lounge and dining areas and an amenity space called The Diagrid Club.<\/p>\n\n\n\n<p>Inside The Diagrid Club are private rooms, indoor and outdoor gathering areas, a food and beverage program operated by chef Jean-Georges Vongerichten, and art installations. The chef also operates a restaurant at the building&#8217;s base. <\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sumitomo Mitsui Trust Bank provided the loan on the Midtown office building.<\/p>\n","protected":false},"author":3006,"featured_media":1004609025,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,1600,21742,10,21747],"tags":[52263,32879,37976,51057],"class_list":["post-1004710118","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-bgo","tag-foster-partners","tag-ll-holding","tag-sumitomo-mitsui-bank"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>L&amp;L Holding Lands $911M Refi for Manhattan Tower - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Sumitomo Mitsui Trust Bank was the lender on the 47-story office building.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/ll-holding-lands-911m-refi-for-manhattan-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"L&amp;L Holding Lands $911M Refi for Manhattan Tower\" \/>\n<meta property=\"og:description\" content=\"Sumitomo Mitsui Trust Bank was the lender on the 47-story office building.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/ll-holding-lands-911m-refi-for-manhattan-tower\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-11T17:08:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-16T16:07:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/10\/425-Park.-Image-courtesy-of-Alan-Schindler.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"768\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jordana Rothberg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ll-holding-lands-911m-refi-for-manhattan-tower\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/ll-holding-lands-911m-refi-for-manhattan-tower\/\",\"name\":\"L&amp;L Holding Lands $911M Refi for Manhattan Tower - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ll-holding-lands-911m-refi-for-manhattan-tower\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ll-holding-lands-911m-refi-for-manhattan-tower\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/10\/425-Park.-Image-courtesy-of-Alan-Schindler.jpeg\",\"datePublished\":\"2024-04-11T17:08:42+00:00\",\"dateModified\":\"2024-04-16T16:07:06+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/366883c93fc1efde412301ab6a4570f9\"},\"description\":\"Sumitomo Mitsui Trust Bank was the lender on the 47-story office building.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ll-holding-lands-911m-refi-for-manhattan-tower\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/ll-holding-lands-911m-refi-for-manhattan-tower\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/ll-holding-lands-911m-refi-for-manhattan-tower\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/10\/425-Park.-Image-courtesy-of-Alan-Schindler.jpeg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/10\/425-Park.-Image-courtesy-of-Alan-Schindler.jpeg\",\"width\":1024,\"height\":768,\"caption\":\"425 Park Avenue. 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