NEW YORK — ING Capital LLC, as Administrative Agent, has led the refinancing of a $570 million senior mortgage loan secured by 550 Madison Avenue in New York City for Olayan America, the US investment arm of The Olayan Group.
ING was joined in the financing for the trophy property formerly known as the Sony Building by Bank of East Asia New York Branch, Credit Agricole Corporate and Investment Bank, Société Générale, and Natixis Real Estate Capital LLC as Co-Lead Arrangers and Co-Lead Bookrunners.
The loan is secured by a first mortgage on the property. The 37-story skyscraper in the Plaza District of Manhattan has 852,830 square feet of rentable mixed-use space. The building features approximately 776,000 square feet of office space, prime retail frontage on Madison Avenue, and exhibition and museum space.