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Boston Properties JV closes $2.3B refinancing of NYC building

A consolidated joint venture entity in which Boston Properties Inc. owns a 60% stake obtained $2.3 billion in new mortgage financing secured by the General Motors Building at 767 5th Ave. in New York City.

The new 10-year term loan refinances roughly $1.6 billion of debt that had been secured by the property. The loan is due June 9, 2027, and bears a fixed annual interest rate of 3.43%.

Once the existing debt on the asset is extinguished, Boston Properties plans to use part of its share of the net proceeds to repay the $310.0 million in outstanding borrowings under its $1.5 billion unsecured credit line, among other working capital purposes.