Bank of America lends $320m on Manhattan office building

Bank of America has provided $320m to refinance 875 Third Avenue, a 30-story office building in Midtown Manhattan. The loan replaces a first mortgage of the same size that BOA provided in 2012, which replaced another $320 loan from HSH Nord Bank from 2005.

Bank of America has provided $320m to refinance 875 Third Avenue, a 30-story office building in Midtown Manhattan.

The loan replaces a first mortgage of the same size that BOA provided in 2012, which replaced another $320 loan from HSH Nord Bank from 2005.

BoaEastgate Realty bought out its minority (20%) partner on the 720,000 sq ft property early last year for a reported $100m, which would have valued the asset at upwards of $500m.

The firm and its partners paid about $370m for the asset in January of 2003.

Designed by Skidmore, Owings and Merrill, 875 Third Avenue was constructed in 1982, renovated in 1999 and 2002.

Nearly at full capacity, it is home to law firms, private equity, hedge funds and banks. Tenants include Cerberus, Troutman & Sanders and JPB Foundation.

Among other commercial properties, Eastgate owns 410 Park Avenue, 120 Park Avenue and 99 Park Avenue, all located in New York City.

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