{"id":7987,"date":"2017-04-11T12:09:50","date_gmt":"2017-04-11T12:09:50","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=7987"},"modified":"2026-08-05T12:58:40","modified_gmt":"2026-08-05T09:58:40","slug":"hff-secures-lipstick-building-loan","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/hff-secures-lipstick-building-loan\/","title":{"rendered":"Ceruzzi Secures $272M Lipstick Building Ground Lease Refi"},"content":{"rendered":"

HFF announced that it has arranged first mortgage financing for the ground lease position of 885 Third Ave, on behalf of the owner \u2014 a joint venture between Ceruzzi Holdings and SMI-USA.<\/p>\n

An HFF debt placement team negotiated the $272 million four-year, fixed-rate loan with Zurich-based Credit Suisse U.S. subsidiary, Column Financial. Loan proceeds will go towards retiring the existing loan and covering closing costs.<\/p>\n

The venture partners paid SL Green Realty $453 million last year for a 67-year lease of the ground beneath the building. The transaction was one of the biggest 2016 New York City office deals<\/a> and one of 2016’s top Asian investments in the NYC office market<\/a>.<\/p>\n

The 34-story tower incorporates 635,000 square feet of Manhattan office space<\/a> and\u00a0is a trophy property that is one of the most recognizable structures in New York, nicknamed the Lipstick Building.<\/p>\n

HFF Managing Director Christopher Peck said that the loan agreement “is further evidence as to the strength of the debt capital markets when financing trophy-quality real estate for trophy-caliber borrowers. Not only was pricing incredibly strong, but Credit Suisse\u2019s process was exceptional, closing a complex transaction within a very tight time frame.\u201d<\/em><\/p>\n

\"LipstickLipstick Building<\/span><\/a><\/div><\/div>
<\/span><\/span><\/div>
<\/div><\/div><\/div>\n

Looking for the perfect space for your business? Head over to CommercialCafe<\/a> and start your search!<\/em><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The joint venture between Ceruzzi Holdings and SMI-USA secured a ground lease refinance loan with Credit Suisse U.S. subsidiary Column Financial, for the JV’s fee postion in Manhattan’s Lipstick Building.<\/p>\n","protected":false},"author":48,"featured_media":7996,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[37,38,39],"tags":[],"class_list":["post-7987","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-deals","category-office","wpautop"],"acf":[],"yoast_head":"\n| 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