4 New York Plaza trades, defeases

4 New York Plaza traded from Harbor Group International (HGI) to HSBC and Edge Fund Advisors for $270mm. That's a great return for HGI who bought it as part of a sale-leaseback from JPMorgan in January 2010 for $107mm, although they did do some work to boost occupancy during that time.

The 2010 transaction was funded with a $72.6mm mortgage that comprises 24% of the RBSCF 2010-MB1 deal, which will be defeased. The new purchase is funded with a $154mm 5-year mortgage from MetLife according to an update out from Nomura. This is the first defeasance from a CMBS 2.0 deal.

MetLife and NY State Teachers fund 3 GGP Malls

CMAlert noted that the two lenders funded three notes:

Natick Mall - $450mm ($250 MetLife, $200 NY Teachers)
Galleria at Tyler - $200mm (just MetLife); WBCMT 2006-C29
First Colony Mall- $185mm Metlife; MLCFC 2006-4

Bank of America Center Refied

This $845mm loan refied last week - BACM 2004-4 ($150mm senior, $103mm rake legs), BACM 2004-5 ($137mm), MLMT 2004-BPC1 ($130mm), and $230mm in Mezz.

The new debt ($600mm) was provided by Pac Life and Met Life, carries a 5.1% coupon, 10 year balloon, amortizing structure.

This 1.8mm square foot office is 93% leased at an average rate of $56.35/sf with the major tenants being BofA (659k sf), Kirkland & Ellis (125k sf), and UBS (107k sf).

Vornado purchased a 70% stake of this property and 1290 Avenue of the Americas in 2007.