L&L Holding Co. (L&L) secured a US$911 million refinancing package for loans that launched the development of 425 Park Ave., a midtown-Manhattan office tower that was completed in 2022. Sumitomo Mitsui Trust Bank, Limited, New York Branch, made a US$484 million senior mortgage loan to the joint venture led by L&L. The property, developed by L&L, Tokyu Land US Corp., and BGO, is reported to be 90% leased and focuses on housing financial and investing firms.
Latham & Watkins LLP represents the Sumitomo Mitsui Trust Bank, Limited, New York Branch, as lead lender in the transaction with a real estate team led by New York partner Betsy Jaffe and counsel John Spears, with associates Andrew Messer, Yerin Yang, and Dylan Penza.
