JLL Capital Markets secured a $545 million loan to finance 711 Fifth Avenue in New York on behalf of the development group led by SHVO, including Deutsche Finance America and BLG Capital. Goldman Sachs led the financing.
SHVO and its partners were represented by a JLL team led by Michael Tepedino, David Sitt, Robert Tonnessen, Kristen Knapp and Sophie Gaylor. Morris Missry of law firm Wachtel Missry LLP served as legal advisor for this investment, as well as for the seven other acquisitions by SHVO and its partners.
SHVO, Deutsche Finance America and BLG plan to increase the tenant experience at 711 Fifth Avenue through several value-add strategies. The owners are planning on building upgrades that include lobby renovations, mechanical repairs, and expansion of terraces and outdoor space.
Bethlehem Engineering Corp. designed the 18-story building that was constructed in 1927 as the original headquarters of NBC. The historic building features 340,024 square feet of space, with 284,061 square feet of office space and 55,963 square feet of retail.