This article is from the Australian Property Journal archive
THE Tishman Speyer Office Fund has obtained finance for its property at 300 Park Avenue, New York.
TSO has signed a deal with Westdeutsche ImmobilienBank AG to raise $US135 million of gross debt against 300 Park, of which TSO’s share of net proceeds would be in excess of the $US55 million required to be raised as a condition precedent to the US REIT facility final funding.
The loan of $US135 million represents a loan to value ratio of 21% based on the June 30 independent valuation of 300 Park, being $US650 million, and will mature on January 2014.
The financing of 300 Park is subject to certain conditions. TSO said it is confident it will obtain the requisite approvals and close the financing of 300 Park prior to the end of November.
Australian Property Journal
