The Spiral’s $2.7 Billion Refinancing Kicks Off 2025 CMBS Market
- Tishman Speyer, Henry Crown raised first SASB deal of the year
- Analysts expecting 2025 to be a banner year for SASB issuance
The Spiral office building at 66 Hudson Boulevard in New York.
Photographer: Amir Hamja/BloombergThis article is for subscribers only.
Tishman Speyer and Henry Crown have raised $2.65 billion in the commercial mortgage-backed securities market for The Spiral office tower in New York, kicking off the single asset, single borrower sector that analysts expect to post a banner year.
The bond priced on Tuesday, with the top tranche paying out a coupon of 5.47%, according to a person with knowledge of the matter, who asked not to be identified discussing private information. An additional $200 million in debt will also be securitized in future deals, the person added, bringing the total amount raised to $2.85 billion.