Sabey has secured a $250 million refinancing deal for its office and data center at 375 Pearl Street, New York City. According to Commercial Observer, J.P. Morgan and Wells Fargo will be providing a $220 million, 10-year, fixed-rate CMBS loan and a further $30 million mezzanine debt. Sabey will also use a 16-floor, 500,000 square feet office condominium unit within the 32-story building as collateral for the deal.
Sabey will use the funds to retire an existing $234 million debt on the property, fund upfront reserves and closing costs. It will also return $6.5 million in equity to the sponsors.
