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Real Estate

Sutton and GGP Land $1.25 Billion Loan from Four Banking Giants for Crown Purchase

The Warren and Wetmore-designed property was completed in 1921.

The Crown Building at 730 Fifth Avenue and 57th Street,   Manhattan (Photo Business Wire)

 

Billionaire New York developer Jeff Sutton and Chicago-based General Growth Properties closed on their $1.78 billion acquisition of the Crown Building at 730 Fifth Avenue with a $1.25 billion mortgage provided by Deutsche Bank, Morgan Stanley‎, Goldman Sachs and Citigroup, Commercial Observer has learned.

The loan closed last Friday. Oxford Finance and another, unnamed, mezzanine lenders grabbed junior portions of the enormous debt deal, a source with intimate knowledge of the transaction said…

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