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.