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Natixis Provides $150.6 Million of Floating-Rate Financing on the McGraw Hill Building at 330 West 42nd Street
Natixis Real Estate Capital LLC originated a $150.6 million floating-rate loan collateralized by the McGraw Hill Building located at 330 West 42nd Street.
The iconic building is a 33-story 90.4% occupied Class B office building totaling approximately 590k sf located adjacent to the Port Authority Bus Terminal in Midtown Manhattan. The loan was provided to a sponsorship comprised of a foreign trust and foundation who have owned the property for over 20 years. The property was constructed in 1931 as a build-to-suit for McGraw Hill, housing all of its operations until 1971. The building was declared a National Historic Landmark in 1989. Proceeds from the financing will be used to refinance the existing debt and provide capital for façade restoration and additional leasing.
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About Natixis
Natixis is a French multinational financial services firm specialized in asset & wealth management, corporate & investment banking, insurance and payments. A subsidiary of Groupe BPCE, the second-largest banking group in France through its two retail banking networks, Banque Populaire and Caisse d’Epargne, Natixis counts nearly 16,000 employees across 38 countries. Its clients include corporations, financial institutions, sovereign and supranational organizations, as well as the customers of Groupe BPCE’s networks. Listed on the Paris stock exchange, Natixis has a solid financial base with a CET1 capital under Basel 3(1) of €11.1 billion, a Basel 3 CET1 Ratio(1) of 11.5% and quality long-term ratings (Standard & Poor’s: A+ / Moody’s: A1 / Fitch Ratings: A+).
(1) Based on CRR-CRD4 rules as reported on June 26, 2013, including the Danish compromise - without phase-in. See note on methodology in the 2Q19 earnings material.
Figures as at 30 June 2019