Boston Properties taps CMBS for $653M cash-out refi of GM Building

Mortgage

A group of banks led by Morgan Stanley and Citigroup are marketing $1.35 billion of bonds backed by a portion of mortgage on 767 Fifth Avenue in New York, better known as the General Motors Building.

The building’s owner, real estate investment trust Boston Properties, obtained a $2.3 billion mortgage on the property this month, using the proceeds to repay $1.3 billion of existing first mortgage debt, $306 million of mezzanine debt, fund reserves, pay closing costs, and cash out $653 million of equity.

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