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MetLife places long-term debt on Rudin family office tower
MetLife provided a $254.6m loan to Rudin Management for the refinancing of a 35-story office tower at 1675 Broadway in Midtown Manhattan. The new loan has a 15-year duration, said a source familiar with the deal. The financing takes out $180m of previous debt backing the property: a $155m senior loan securitized by the Bear Stearns Commercial Mortgage Securities Trust 2006-PWR12, which had a more than $2bn balance at the time of issuance, and an additional $25m B note.
