Deutsche Bank Lending $1.6B To Silverstein, Macklowe For Manhattan Megaprojects
Deutsche Bank is close to backing two of New York City's most significant developments.
The German bank is providing an $800M loan to Silverstein Properties for its $1B purchase of the American Broadcasting Co. headquarters on the Upper West Side, The Real Deal reports.
Silverstein is under contract to pay The Walt Disney Co. more than $1B to acquire several buildings on West 66th Street between Central Park West and Columbus Avenue that make up ABC's New York City headquarters. The buildings include the 22-story, 420K SF 77 West 66th St.
The financing is expected to close this week, TRD reports, while Silverstein’s plans for the buildings are not yet clear. Disney is making changes with its New York City real estate portfolio as it moves to buy 21st Century Fox for $71.3B.
Meanwhile, Deutsche is also providing a construction loan to Harry Macklowe for his planned redevelopment of One Wall Street, The Real Deal reports. Macklowe is turning the office building into a 566-unit condominium, and had been in talks with JPMorgan Chase for an $850M loan. But those negotiations have hit roadblocks, and Macklowe is close to securing $750M from Deutsche.
A term sheet has been signed and the deal is slated to close by the end of the month.
Earlier this year, Silverstein and Elad Group sold off a portion of their joint development, One West End, to become student housing. It bought the ground lease on an Astoria development site.
