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Debt & Equity

ABS refinances 162 Fifth with $85M loan

ABS Altman Warwick announced the closing of a permanent loan for the 12-story, newly-renovated office building at 162 Fifth Avenue.

Sources say the loan totaled $85 million and was arranged on a 30-year, self-amortization with a major life insurance company at a rate of just over four percent.

The 145,000 s/f Fifth Avenue building is owned by “long-time clients” of ABS Partners Real Estate, according to the company, and is fully leased to the Simons Foundation, a philanthropic organization founded by mathematician and hedge-fund manager and philanthropist James Simons and his wife Marilyn. floors 2-12.

The foundation — which supports research in mathematics, astrophysics, bio-sciences and the treatment and diagnosis of autism — occupied floors 2 through 12. JP Morgan occupies the ground floor retail.

“By capitalizing on an exceptionally flat yield curve, we were able to provide the borrower with the benefit of a 30-year fixed-rate loan for essentially the same price of a 10-year loan,” said Brian Warwick, co-managing partner of ABS Altman Warwick.

“By having the loan maturity match the both the Simon’s lease term and borrower’s long-term hold strategy, we able to eliminate future interest rate risk and protect the property’s in-place cash flow, resulting in the optimal financing structure for the borrower.”

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