Boston Properties Secures $1B Refi for 601 Lexington

Co-lenders Wells Fargo, Deutsche Banks, Morgan Stanley, and Citigroup provided the 10-year $1 billion refinancing package for 601 Lexington Avenue to the partnership of Boston Properties and Norges Bank Investment Management. A portion of the fixed-rate first-lien mortgage refinances $620 million in existing mortgage debt imminently due to mature. Backed by the fee simple and leasehold interest in the office condominiums and the 6-story office and retail atrium within the building, a $426.7 million portion of the debt will be securitized into a single-asset, single-borrower CMBS deal.