SL Green’s Park Avenue Office Lands a Loan Extension, Freddie Mac Clamps Down on Fraud

SL Green’s Park Avenue Office Lands a Loan Extension, Freddie Mac Clamps Down on Fraud This week, SL Green and Vornado bought back mezzanine debt at a discount as part of a loan extension agreement for the landlords’ 280 Park Avenue office property; L&L Holding Company secures a a $911 million loan to refinance its newly built Citadel-leased office building at 425 Park Avenue; and Freddie Mac bolsters underwriting standards. SL Green, Vornado Extend $1B Senior Loan at 280 Park, Buy Back Mezz at Discount SL Green and Vornado, Manhattan’s two largest office landlords, announced Wednesday that they have modified and extended a $1.075 billion mortgage secured by 280 Park Avenue, a 60-year-old, 1.3 million-square-foot office complex in Midtown. [Read More]( Top Deals Of The Week   - Sumitomo Mitsui Trust Bank Lends $911M on[Citadel-Leased]( 425 Park - [Blackstone]( Lands $429M CMBS Refi for Hotel Portfolio - Citi Real Estate Funding Provides $207M [CMBS]( Funding for Two DC-Area Offices - Northwestern Mutual Provides $127M Refi for Luxury [Chicago]( Apartment Tower - BHI, Be Aviv Lend $115M on [Flatbush]( Apartments Project - Nationwide Provides $100M Refi for Nine [South Florida]( Industrial Assets - Madison Realty Capital Provides $97M [Construction Loan]( to Build Hoboken Condos - Bank OZK [Supplies]( $62M Construction Loan for Lower Manhattan Apartments - IDB Bank [Lends]( $51M for L.A. Multifamily Portfolio - BHI Supplies $40M [Capital Call Line]( to Northwind Group - Maryland Apartment Community [Secures]( $26M in New Freddie Mac Financing People Moves   CBRE Taps Heather Nevin to Help Lead Mid-Atlantic Office Transwestern’s Heather Nevin is heading to CBRE’s mid-Atlantic office as its new senior managing director of mid-Atlantic investor services and its Maryland market leader, joining the office’s leadership team headed by President Kyle Schoppmann. [Read More]( Q&A   Gensler’s Juliette Morgan Leads the Way on Designing for Impact The head of Gensler’s climate action and sustainability practice wants environmentally-friendly design to become second nature. [Read More](   Other Stories From This Week   Blackstone’s Loan on Schwab Building Hits Special Servicing, Modification Underway The $195 million commercial mortgage-backed securities loan on Blackstone’s office tower at 211 Main Street in San Francisco has entered special servicing — but a loan modification is currently underway, Commercial Observer first reported. [Read More]( Freddie Mac Adds New Underwriting Standards to Combat Fraud In its most substantive rule update since implementing new measures last November to remove brokers from the due diligence chain in loan documentation, Freddie Mac is now adding additional strengthened underwriting standards surrounding property inspection and fraud detection, the government-sponsored enterprise announced Monday afternoon. [Read More]( Powell Hints Fed Won’t Lower Interest Rates Until Late This Year Federal Reserve Chairman Jerome Powell said Tuesday that continued inflation increases mean the central bank would likely delay any interest rate cuts until late this year. [Read More]( Lender Lists Savanna’s 360 Lexington For Sale Following Foreclosure Savanna’s 360 Lexington Avenue is up for sale after a period of slow leasing and the lender foreclosing on the property. [Read More]( What We're Reading This Week   - One year after [SVB’s collapse,]( California banks are back in the spotlight [Bloomberg] - Big tech is downsizing workspace in another blow to [office real estate]( [WSJ] - Wall Street pushes out [rate-cut expectations](, worries rates won’t fall until March 2025 [CNBC]   [View in Browser]( | [Advertise]( | [Forward to a Friend]( [Manage your email preferences or unsubscribe]( [Share your thoughts: Help us improve with our quick feedback survey!]( [Commercial Observer]( © Copyright 2024 [Observer Media]( 1 Whitehall Street, Floor 7, New York, NY 10004 This newsletter was published 04/18/2024