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ESRT closes on $180M loan for midtown tower

Empire State Realty Trust has closed on a $180 million mortgage loan for 250 West 57th Street, a 542,000 s/f Manhattan office and retail property.

The new interest-only loan bears a fixed rate of 2.83 percent and matures in December 2030.

“We are pleased to close on this financing transaction,” said Christina Chiu, Empire State Realty Trust’s EVP and Chief Financial Officer. “The strong execution reinforces the quality of ESRT’s assets and our ability to access the capital markets.”

The company will use the proceeds from the loan to bolster its liquidity and balance sheet flexibility. The loan was arranged by Estreich & Company.

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