Roybal Bank of Canada backs Northwood's acquisition of NYC asset with $236m loan

The Royal Bank of Canada has approved a $236.6 million loan for the purchase of 1180 Sixth Avenue to Northwood Investors. The firm recently closed on the $305 million transaction of the 22-story Midtown office property. The floating rate loan is worth roughly 78 percent of the purchase price. An undisclosed portion of the loan is being set aside for future funding, potentially for a redevelopment of the property. The seller, HNA Property Holdings, an affiliate of one of China’s biggest conglomerates, paid $259 million in 2011 for a 90 percent stake in the property, then owned by the Carlyle Group.
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