NEW YORK—RFR Holding LLC has closed on the $100 million financing for 345 Park Ave. South. The 10-year CMBS transaction was arranged by Citibank.
Located in Midtown South, 345 Park Ave. South is completely occupied by Digitas, a digital marketing firm owned by Publicis Groupe, which has leased the property through 2021. The property offers street-level retail space, which is currently occupied by two bank branches and a restaurant.
“This transaction exemplifies several trends we’re seeing in the financing marketplace,” said Jason Brown, head of acquisitions for RFR. “With strong sponsors like RFR, lenders are now willing to extend the term of the financing beyond the terms of existing leases. There’s an understanding that groups with a track record of retaining and attracting tenants are likely to maintain stable performance in the future.”