The majority of the deal was assembled in less than a week, an unprecedentedly short time frame to conduct the necessary due diligence. Kushner put down $50 million in equity and borrowed the remaining $1.75 billion from a consortium of lenders, including a ten-year, $1.215 billion interest-only CMBS senior loan from Barclays and UBS, split into six pari passu notes. Kushner also received $535 million in mezzanine financing, split into a $335 million senior tranche and a $200 million junior tranche. Kushner obtained an appraisal valuing the property at nearly $3 billion, leading real estate magazine The Real Deal to report that the gap between the appraised valuation and the purchase price was unusually large. The banks also expected Kushner to increase the building's annual office rents from $53.5 million to $118.6 million to keep the building's loan-to-value ratio (LTV) in a manageable range.
