L&L Holding completes $911m refinancing of 425 Park Avenue in NYC

L&L Holding Co. has finalized a $911 million refinancing for 425 Park Avenue, a new 47-story office tower, located in the Plaza District of Midtown Manhattan.

Sumitomo Mitsui Trust Bank served as the lead lender and admin agent on the new five-year floating-rate loan. The proceeds will be used to pay off a 2021 loan of the same size, which was used to fund final construction and leasing efforts at the tower designed by Foster + Partners.

“This massive loan package demonstrates the lending market’s continued capacity and appetite to finance ultra-premium, highly amenitized and well-located office towers owned and operated by first-rate sponsors,” said Rob Lapidus, L&L Holding president and CIO.

Developed by L&L Holding, along with i